tender-foots running this country, and what the ukrainian people are doing against a tyrant is a reminder what this country was originally made of and what it still is made of, and maybe we ought to pick leaders who are more like us. maria: yeah, who want to fight. dagen mcdowell, charles hurt great to be with you both have a great day, "varney" & company begins right now. stu take it away. stuart: good morning, maria, good morning, everyone this is a dangerous moment. putin is cornered in russia sanctions causing financial chaos, in ukraine his forces failed to take kyiv. here is the latest. intense urban warfare in ukraine 's second largest city, russian and ukrainian officials are holding talks at the belarus border. there is an armored column three miles long approaching kyiv, looks like a threat, surrender or we'll destroy your capitol city like we are destroying kharkiv. belarus has joined the fight on

russia's side. but the europeans, they are unified. germany will send lethal weapons to ukraine and in a complete turnaround, berlin has promised changing its constitution to guarantee much more military spending in the future. they may even reconsider their green energy policy. putin's war has strengthened europe and strengthened nato. inside russia, serious financial trouble. the ruble has collapsed and that's the word i would use, and shortages and inflation are just around the corner. that's the collapse of their currency. the russian stock market will not open today. that means investors can't get their money out. there are lines at banks at the russia's cut out much of the international payment system thousands of demonstrators arrested in moscow. these are brave people, who face treason charges. clearly, opposition to putin is growing. it is a dangerous moment because you never know what a dictator will do when his back is against the wall.

here is the financial reaction. let's start with oil, because this is all about energy. the price of a barrel of oil has gone to 95.76 that's the rice right now, america is still buying russian oil. the fear on the market is that that will stop and prices will go up some more. gas prices rising, the national average for a gallon of regular is now 3.61 and that is up $0.25 in a month. a volatile day for stocks, that's what you can expect just like last week. the dow up 800 points friday, down 400 today. the s&p same story, way up friday, down today, and the nasdaq you're looking at a loss of about 174 points, that's about 1.25% another sell-off on the nasdaq this morning. little change for the 10 year treasury, the yield is just below 1.9% that yield is coming down as money flows into the 10 year because it's a safe haven. same story with bitcoin, little change there, at about 38,000

bucks per coin as we speak, so here is what we've got. developments in ukraine coming thick and fast you'll get the latest right here, and you'll see how your 401 (k) is reacting. february 28, last day of the month, it is not a leap year , "varney" & company is about to begin. >> all right, what's going on especially in the world of finance? look where futures are right now down 400 for the dow, down 170 for the nasdaq composite the major averages, all of them, down at least 3% for just this month. jason katz joins us this monday morning. welcome back, historically, we've seen the market rebound after big geopolitical events. are we going to see a bounce this time around? >> look, we've all gone from

being armchair medical experts to all of a sudden military strategists and the fact of the matter is to your point since 1945, we've seen significant rebounds every time we've had a geopolitical event. in fact, one month later, we've seen the markets up over 60% of the time and a year later, over 80% of the time, so, it's really important not to lose your head here. it's not to say you sit on your hands not to say you don't make tactical moves we have very serious issues we're contending with here, but it's really important not to make precipitous decisions in such a fast-moving market. stuart: how does the market get over this inflation shock, which is upon us. i mean, that inflation shock could get much worse if the energy supply is cut. how do you deal with it as a market participant? >> it's complicated. i mean, you think about the swift system. it's the g-mail of global banking and russia is the sixth largest user so we've seen the price of oil go up.

we've seen the fact that russia may now partner with china to develop an alternative system. this exacerbates what's already a very challenging position for the fed. the fed may now, stu, have to re flate their balance sheet at a time they are unwinding it. the ruble is down 30% since friday? monday markets not necessarily in the u.s. but around the world are going to be a little bit in peril so banks into ed to step up and support that. that's inflationary. the fed is between a rock and a hard place. stuart: i don't see how an investor, you organize investments for your clients. i don't see how you respond to this. i mean, we're down to 33,000 on the dow, we got an inflation problem, we've got the fed in a bind, we've got a war in europe. i mean, what do you do? do you sit tight? >> so, look. the people i work with have been

through multiple market cycles. their asset allocated predicated on a financial plan. what they have in risk assets or money they could afford to keep invested for at least the market cycle, that being said, you don't put your head in the sand like an ostrich. you invest in things that are more hedge-to-inflation whether that be real estate investment trusts or companies that have pricing power but i'll tell you what you don't do, stu, is you don't stay extremely long, long duration assets, and that's not just high multiple growth stocks you need to shorten your duration, on long duration bonds i think arguably there's greater risk there than there is in the stock market. we haven't had a bear market in bonds since what 1994? that's where people have been mu lled into complacency and we are making pretty proactive moves. stuart: got it jason katz, thanks for joining us we'll see you again soon. the european union has approved a ban on all transactions with the russian central bank. lauren can you take us through

the impact of this? lauren: huge. so the goal here is to starve russia of cash. the russian central bank owns $630 billion in foreign reserves that's its war chest against western sanctions completely frozen, okay? the eu and the u.s. are prohibiting transactions with the russian central bank. it cannot use dollars, it cannot use euros or any other foreign currency to stabilize its ruble. the ruble is crashing, inflation is surging overnight, interest rates more than doubled to 20%. russia has gold about $130 billion worth. where is that gold? let's say switzerland wants it. they can't fly it to switzerland , because the air space is blocked. stuart: wow that is a very severe sanction, isn't it? severe consequences. lauren: that and what they did with swift, russia is, they are consolidated right now. stuart: they're reeling, domestically their economy is reeling, good stuff, lauren thank you. now, president biden delivered the state of the union address

tomorrow. is russia going to take center stage? back to you, lauren. do we know anything about what he's going to say tomorrow night lauren: well, he's going to stress the unity of the western allies and i think that's big. here is jen psaki in a preview. >> i think there's no question that in the state of the union, the american people need to be watching around the world will hear the president talk about the efforts he's led over the past several months to build a global coalition to fight against the otocracy and efforts of president putin to invade a foreign country but what people will also hear from president biden is his optimism and belief in the resilience of the american people, and the strength of the american people. lauren: and that point might be hard to talk about optimism when we're facing severe inflation here at home which is at the top of the mind for most americans, and the situation with russia, and energy just exacerbates inflation. stuart: all right, lauren now let's focus on putin himself as we're saying the ruble has

collapsed, inflation in russia is going to take off there's lines at the banks, interest rates go to 20% from 9.5% and the smart is closed. todd piro here. putin is in deep trouble at home , and actually i think he's cornered what say you? todd: i have a reason why in addition to what you and lauren have said thus far. while putin is all about mother russia, the other oligarchs in his circle are about mr. green. they are not as focused on mother russia as he is, so, if they start seeing value of their portfolios, their net worth plummeting which it looks like it could be doing, they are likely to apply the pressure. the question is how far will they go? are they so scared of putin that they don't really go full bore against it or do they say look, we're part of your inner circle we've been supporting you for years you need to stop this because we lost billions of dollars over the course of the last week. i think if that happens, it'll be interesting to see how putin

responds, because again, he's a very rich man, but he's all about mother russia and he wants to bring back the soviet union that is his number one goal. stuart: condo lease arise from from the sec of state as you know, she says that the putin that we're seeing today is not the same person that she interacted with many years, just watch this , todd, roll tape, please. >> well i met with him many times, and this is a different putin. he was always as senator rubio said an e-kgb man, always calculat ing and cold but this is different. he seems erratic. he's descending into something that i personally haven't seen before. stuart: erratic that makes him dangerous. todd: that's terrifying because he's always been a scary guy but we've operated with him in the natural world of how things go, when you have to add that erraticness into the equation going back to my original point. if he's acting holy with his heart and doesn't have a brain to back it up i'm talking of

course figuratively, that becomes scary because the proposition of news. we talked about it yesterday. we're talking about it again today. he is the most nukes in the world put all that together it is a frightening prop o saying. we've got to figure this out. stuart: todd glad you're on the show today. check those futures you're see ing plenty of red ink dow is down 400 nasdaq down 160 but you never know how the market closes how urgent are peace talks in belarus? just take a look at these satellite images, russian armor massing on the road to ukraine's capitol. that looks like a threat to me, after being widely-marked for sending helmets to help ukraine, germany is now stepping up with anti-tank weapons and missiles. ambassador kurt volker is hear on germany's historic change of course. coming right back for you.

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stuart: well, peace talks are underway, between ukrainian and russian officials taking place at the belarus border. meanwhile, russian troops have entered ukraine's second-largest city, that is kharkiv and there is fierce urban far wear in progress there but trey yingst is with us, now he's in kyiv, what's the latest from the nations capitol, trey? reporter: yes, stuart, overnight , there was really significant fighting in the second-largest ukrainian city of kharkiv, here in the capitol, we heard sirens going off. russia continued their campaign against the city both on the ground and by the air, but as daylight broke, we saw people coming out of bomb shelters, a curfew was lifted, and now people are trying to get

supplies and prepare for what the days ahead could bring. we do know that a russian convoy nearly three miles long is headed here to this city. it's anywhere from 20 to 40 miles away, so new satellite images from maxar technologies detail it's not only troops but also the logistics equipment that will allow the russians to resupply their forces as they continue this offensive. a children's hospital over the weekend in the capitol of kyiv was hit amid the russian shellings and bombings. we also know that an apartment building took a direct hit from a russian missile killing at least two people. while the russians say they've hit more than 1,000 ukrainian military targets, they are talking about the civilian targets that are paying a heavy price amid this war, and the meantime, thousands of civilians not only here from the capitol but from across the country are trying to flee, they are heading to the western part of ukraine and if they can across the border to poland. stuart: looks like misery to me, trey yingst, thanks so much for joining us we'll be back to you later. let's get back to those peace talks and that new satellite

imaging that shows that three- mile long convoy of russian troops and some logistical equipment approaching kyiv. kurt volker is with us the former u.s. ambassador to nato and joins us. mr. ambassador is putin using that armored column as a threat, surrender kyiv or we demolish kyiv is that it? >> absolutely, that's exactly what he's doing, and i don't even know that the threat is the strong enough word. it's his intent. he intends to go in and destroy the city. stuart: well, that sounds like the peace talks won't go anywhere. >> yeah, i think the russians are looking at this as a way of telling ukrainians surrender now , and ukrainians, of course, are going to say, no way. we're going to fight. we're going to defend our city. get your troops out of our country. interesting is that the war thus far has not gone well for russia they have lost more vehicles, more personnel, aircraft have been shot down, tanks have been taken out, this has not gone

well for them, and as i think we've seen over the weekend, a lot of countries have know stepped up, germans providing military assistance, the swedes this is new, and it's all as a result of both the brutality of the russia tack s and the fierceness of the ukrainian defense. stuart: it seems like we've seen a profound shift on the part of germany. a 180. >> we have. stuart: they are now sending weapons, hiking their military spending to more than 2% of gdp. i'd call that historic. they are doing what we refused to do for three generations. >> that is exactly right, stuart. you couldn't be more correct. i would say they were under the grip of their former chancellor shroder, who was putin's employee up until yesterday and then all of a sudden, they woke up and said no , we cannot allow this war in europe to take place, and there was criticism of germany leading up to this they were allowing this to happen and now think

they have positioned themselves in the rye way. stuart: do you think there might be a change in green energy policies in europe, because energy is at the heart of this dispute. could germany backtrack on their green commitment as well? >> well, i doubt that they are going to go that far to back away from green but what i hope they do is back off of russian gas. there are other things they can be doing and get u.s. lng if we were willing produce and sell more, you could get qatari alson g, do renewables in many parts of europe with greater investment. there's other things you can do including nuclear and the eu has labeled nuclear as green now, so the thats another area they could develop so i think they are going to try to keep the targets but they got to get off the russian supply. stuart: one last one if i may, mr. ambassador. what happens to world opinion if indeed the russians do intend to demolish parts of kyiv to take it? >> world opinion has been remarkable, also, everyone has come around now to see putin for the brutal dictator and

aggressor that he is and to support ukraine. i think the ukrainians have a good chance of surviving here. i think they may actually hold off the russians and i think this will be ultimately the end of putin. i don't think the world will tolerate him leading russia any more. stuart: whose going to take him down? >> hopefully internally, the military and the intelligence services. i think they see that the only threat to russia today is putin 's leadership. stuart: do you question his sanity? >> i think so, to be honest, to be going after civilian populations this way, waging a war straight out of the 19th century, and then threatening nuclear use. these are the actions of a mad man. stuart: that's dramatic stuff, mr. ambassador, but we're very glad to have you on the show with those opinions we appreciate it. >> thank you. stuart: see you again real soon, sir, thank you. all right, take a look at bp as formerly known as british petroleum down 7%. i know they are ending with their partnership with russia's

neiff, does that cost b p anything? lauren: with the charges, the cost be $25 billion, as bp offloads its 20% stake and its ceo resigns from the board. why is this a big deal? obviously, financially, but ross neft is one-third of bp's oil production and there's intense pressure by british authorities with unmoral and political grounds as well, so do they find a buyer for this stake or do they just walk away? and who buys it? i'll tell you who, china, or possibly qatar. stuart: very interesting but bp is down nearly 7% at $28, lauren thanks so much indeed better take a quick check of futures we've got seven minutes to go before we open the market and we're down at least at the opening bell, we'll take you to wall street after this.

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stuart: well look, we clearly have an energy price inflation problem, and senator bernie sanders thinks it's the oil companies fault he wants a wind fall profits tax and he wants price controls. bill baruk is with us the market watcher of the morning so i have an unusual question for you, bill. i don't like to hear this economic nonsense at a time

like this. what say you? >> price controls doesn't come from price controls i think overall, that's going to end up driving prices higher. it's this type of attitude from the left that has come after big oil and is really ultimately become a tailwind upon reopenings in the tailwind to these higher prices. he thinks that these oil companies are not looking for profit and they are just going to lower the cost to the consumer. it's not going to be the case. these companies have been pushed away from investing and creating new oil and that's where the prices are going to be driven higher. stuart: okay when will this market rebound? historically, you go back to like 1945 and look at all military activities since then, and i believe that in 11 out of the 12 cases, the market rebound ed within a month. are we going to see the same thing here because that be quite a rebound? >> i think we're at some peak fear here and markets

really don't like uncertainties, but the reality is as this war is unfolded, this conflict is unfolding right now before us, there is a bit of less uncertainty. we're getting known knowns if you will and that's positive for the market. if you look back at the onset of invasions that's an opportunity to buy and expect the market to turn higher. sentiment is extremely negative, sentiment has been extremely negative. i expect coming out of this , as we get a little more certainty we move into the fed hike, i think we're going to see this market rebound through the spring and i think we'll be set to near all-time highs july and august. stuart: say that again. all-time highs july and august, like for the dow, the s&p, nasdaq? really? july and august? >> i do think tech and i expect the s&p to be within a couple percent of that record high and with an ear-shot of it by july and august. i think inflation, the fears here of inflation is you hear the left coming at the inflation narrative with crude oil, with energy, those costs, i mean, they aren't going away but the

other components are going to subside a bit. the rent factors remain high but other components subside and base comparisons for inflation are going to be muted as we move into the summer and that's a catalyst for a sort of goldie locks scenario that's going to bring equity prices near record highs. stuart: but in particular you think the big tech which is on the left-hand side of our screen at this moment, apple, amazon, m eta, alphabeted, microsoft, in particular you think they are oversold and in for a big rebound, correct? >> broadly speaking, yes. i think they are in for the big rebound and they can run the most that's where the most value is at this moment, and we're starting to begin our shift rotating out of that value out of that commodities-heavy cycle moving into your tech at this moment. stuart: that's what you're doing , your outfit is doing? >> that's what i'm doing right now correct. stuart: bill great to have you on the show on a monday morning at a time like this we always appreciate it we'll see you again soon. thanks very much.

now as you can see on the left-hand side of the screen this is how we're going to open the market today. down, all across-the-board. 400 points lower for the dow, 140 for the nasdaq, but i always say that at times like this , you have no idea how the market closes this afternoon, because all kinds of developments could come onstream, and you reverse course. >> [opening bell linking] stuart: that could happen, i really don't know but tune into this network at 4:00 and you'll find out what's going on. all right we started trading we're down right from the start no surprises there, as expected. the dow is off about 450 points that one and one-third percent and looking at the dow 30, left-hand side of the screen, and we got 28 down, not yet open one is higher that's where we are. the s&p 500, also down 1 point # %, that's a significant loss there, after a huge gain friday, and the nasdaq composite always interested there, not such a bad loss, down three-quarters of 1% so how is big tech doing in the

first few seconds of business this monday morning? on the downside, the percentage losses are not that great. let's see how they close today. we do have a sell-off on our hands, good morning, susan. >> good morning to you, but let me ask you this. you know what we saw last week on thursday, when the nasdaq opened down 3.5% it finished up 3% and that was the biggest come back on the smart for the nasdaq since 2001 and a lot of people are making the comparison is this exactly similar to 1998 which is something that you have experienced with looking at those markets, and i would say actually, the ruble, you know, the valuation of 20% that's almost twice what it was devalued in 1998. do you remember that? stuart: i do. >> and also the rates are up 20 %. sure overnight in russia but back in 1998 they shot up 150%, to make sure that people were not scrambling to take their money out of the country, so i would say probably this time around it's even a little bit

more contained than what you saw back then. stuart: so we might get , i mean -- historically we might get a significant rebound from the market, where it is now in a month time? >> people have been looking at this lehmans moment, especially with russia being kicked out of swift. does that mean that we have financial seizing up and financial services, that hasn't been the case so far. its been relatively contained i would say. if we could bring up some of the , i'll show you defense stocks obviously outperforming in this geopolitical war-type scenario. oil stocks also rallying as well , russia supplies roughly 40% of the energy needs across europe, and i would say if you look at the swift exclusions, you still have oil and energy still being included just in case. bank stocks are down and this is the containment that we're talking about. how much of exposure do they have to swift? i would say for u.s. banks, down today, yes, but i would say that their exposure is much, much

less than what european banks are looking at and people are reducing their exposures to russia since 2014. stuart: that's true what about the federal reserve, do you think they may not act so precip o tuesdayly next month because of what's going on? >> also isn't it interesting that the federal reserve has been talking about reducing their balance sheet, in this type of scenario people think they have to print more dollars and that means their balance sheet will expand so again that's stimulus for the markets and for the economy. i think the consensus is they aren't going to raise rates nine times this year so the markets, unfortunately, ukraine and the situation there, has done some of the heavy lifting for the central bank. stuart: we've got the yield on the 10 year treasury at 188 this morning that means a lot of money is going. >> i also want to show you technology if we have time to check in on big tech the concentration of weight in these five big names now, roughly 20% of the s&p, so how they go, how the rest of the broader markets go, and did

you see the berkshire hathaway warren buffett note over the weekend he owns 5% of apple, $140 billion in u.s. treasury holdings. big cash basically because he can't find the right opportunit ies to deploy cash at the right prices. stuart: that's warren buffett now tell me about tesla because their satellite system operative in the ukraine? >> starlink is separate from tesla, but out performance in a down market so that tells you that the retail investor and the individual wall street bets crowd is still in there and they have money and cash to spend. i would say communications and internet access obviously key in a war, and ukraine's digital minister reached out directly to elon musk on twitter over the weekend asking for satellite system starlink to be activated and musk in 10 hours said yes it's up and running terminals are on their way. stuart: that's a wonderful thing take my hat off to you. good for you. cryptos, i understand there's been a lot of a surge in donation of cryptos, does that

affect the price? >> look at the price action in bitcoin so it's reacting kind of like a digital gold, i guess as a hedge against geopolitical bad government policy and inflation, so you're looking at $10 million -plus so far being donated to ukraine's government, also the digital minister there asking for crypto exchanges to freeze all russian accounts. they haven't done that yet, binance says they reporter: going to do that, which is the largest crypto exchange on the planet and there are estimates russia owns 12% of all crypto so you kickoff all russian accounts 12% of the crypto market is pretty significant and i would imagine there be probably a run on crypto assets. stuart: when you say a run on crypto assets? >> meaning trying to run and grab as much of their assets out of these exchanges as quick as possible. stuart: take it out when you can >> that's right so it's interesting we'll see out the market action does but i can tell you the fear and the vix is sitting at a one-year high right now still. stuart: no surprises there. the dow industrials are now down

460 points we're at five minutes into the trading session. the dow winners, there's one winner amongst the dow 30 and that is salesforce up about one- third of 1% the rest of them are down. s&p 500 winners on your screen right now, headed by i can't read it. >> solar edge it's interesting that its defense energy and green climate as well. stuart: yup no surprise on the lockheed thing right there. nasdaq winners, i'll bet you there's no big tech there. zoom is at the top. tesla is in there. >> electronic arts, that's interesting, that's a work-from- home-type of trade and i guess because they have been beaten down so much 60-70% people think there are bargains to be found. stuart: serious movement in stock prices these days, susan thanks very much indeed. the big board, we are six and a half minutes into the trading session we're down 1.25% on the dow that's 400 points again check the 10 year treasury, flight-to-safety money pouring into the 10 year treasury that raises the price, lowers the

yield to 188. the price of gold and inflation hedge, above 1,900 bucks an ounce again this morning, 1,913 to be precise, and bitcoin , now at 39, 400 it's not yet hit the $40,000 mark, but it's pretty close. the price of oil, $94 a barrel this morning, nat gas also on the upside, but there's no real surge at this point. bitcoin 39, 400. all right let's do gasoline, $ 3.61 per gallon, and that's in my estimation that's up $0.07 over the weekend in california lucky people you'll pay 4.83 on average for a gallon of regular in california. next case, legendary investor carl icahn, he's going to join us, when does the market rebound from the ukraine mess? he's got a lot of experience, he'll tell us. russia's putin putting his nuclear forces on high alert, not what you want to hear from a

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stuart: the white house and the european union ramping up sanctions on russia, and putin; however, none of this has seemed to slow putin's attack on ukraine. peter doosey with the from the white house. peter, what further sanction action might we see today? reporter: well, we just got an announce am, stu, that the united states is no longer going to permit american citizens from doing business with the russian central bank. that's another big one, and it comes as vladimir putin starts talking about elevating his country's nuclear readiness levels, but officials around here are no longer trying to use these sanctions to punish, rather to deter putin, they are hoping to punish him for

something he's already done. >> i will not be a diplomatic. some countries are trying to leave loopholes, exclude a number of banks so that they can apply some measures with their left hands and continue to trade with russia with their right hands. stop doing this now. reporter: so, the ukrainians are hoping for more, but i pinged the national security council official about some reporting that russia is raising the nuclear readiness level and they directed me to a joint statement the russians signed on to, just last month part of that says we affirm a nuclear war cannot be won unless never be fought jen psaki meanwhile saying this news about increasing nuclear readiness follows a trend. >> this has really a pattern that we've seen from president putin through the course of this conflict, which is manufacturing threats that don't exist, in order to justify further aggression and the global community and the american people should look at it through that prism.

reporter: there is now speculation the highest levels of government that putin could be motivated right now by declining mental or physical help. marco rubio the top republican on senate intel says he wishes he could share more but he think s something is off with putin democrat mark warner the intel chairman was asked about that today. >> i'm not going to comment on the specific intelligence, but what we do know is that over the last couple years, putin has been more and more isolated. he's not been in the kremlin for most part he's been down at his place in sochi, or outside of moscow. reporter: and we can hear some helicopter traffic in the distance. president biden is about to return to the white house after a few days back at home in delaware. stu? stuart: peter doosey at the white house, those satellite images, they show that three- mile long convoy of russian troops and tanks approaching heading towards ukraine's capitol kyiv. congressman mark green is a

member of the house armed services committee and he joins me now. sir, to me it seems like putin is cornered. does that make him more dangerous? >> yeah, i think it does make him more dangerous. he's got to get a win out of this somehow or his oligarchs are going to take him down, so this both the convoy and stepping up the basically his version of def-con 5 is that kind of escalation that shows he's trapped and this is a very dangerous place for us, stuart. stuart: can i just foul up on that because a few moments ago kurt volker was former u.s. ambassador to nato told me just moments ago that he doesn't think putin survives. he thinks putin could be taken down by his own generals. that's kind of extreme stuff, you want to flesh this out for us? >> absolutely i'm in communications with senior leaders in ukraine via text and some of the apps and they now

see an opportunity that if they continue to resist and hold on a little longer and the price gets a little bit more, more body bag s and right now when they texted me last night, 4,500 russians had been killed or wounded. 15 tank, 30 armored personnel carriers, about 30 aircraft. this is costing putin far more than he ever imagined, and so they're now hoping they can hold out long enough for the russians themselves to do regime change. stuart: well you're a military guy. how long can they hold out for? we've got this huge column of armor approaching kyiv. i mean, if they were engaged in urban warfare, like the way they are engaging it in kharkiv, then kyiv is demolished. what will be putin's standing after that? >> well clearly, he's already got a horrible standing throughout the west. now i'm not sure how xi-jinping is taking this carpet bombing method but, you know, that's an

important piece of this. india is another very important piece of this , and i think we're starting to see , and i follow several of their leaders, the tone on their facebook is turning. remember, they bought the s-400 from russia, they need russia for parts, but now you're starting to see statements from india that even they are turning against what he's doing so this carpet bombing, his grasping efforts for a win out of this are causing him to be further and further isolated, india starting to turn on him, this is putin's folly. he's, i think he's done for , myself. stuart: can president biden take any credit here? >> no, i don't think so. president biden stair-stepped this process and it embolden putin at the beginning. we could have been definitive decisive from the beginning and perhaps even stopped it from happening so i almost blame biden. his initial words were great,

the rhetoric i told him, they're getting this one right even blinken's comments and then they executed just in a half-measure to keep, even the swift transactions, they're talking about making exceptions for energy. that be the whole point of what we do is to shutdown their energy economy. it's 40% of their economy and oil is 101 or 102 bucks right now going to maybe 120, 130. that just doubles putin's income , so we are just doing half measures from our administration. stuart: congressman mark green, thank you very much for being with us see you again soon. ukrainian civilians arming themselves with more automatic rifles and making molotov cocktails in their basements. banks in america preparing for cyberattacks from russia, after these imposition of strict sanctions. what could they do to us and what can we do back to them?

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stuart: banks here in america are preparing for cyberattacks coming at us from russia. what are they doing to prepare? lauren: they've been warned

about this so they have increased their network monitor ing including third parties like their cloud providers, they're drilling for potential scenarios and how they can be hacked, lining up extra staff just in case so any way, looking for ransomware and malware attacks plus denial of service attacks which take down their websites and data- wiping either happening individually or all of those things happening at the same time. they are on alert. stuart: that's what they could do to us. >> yes. stuart: we have a cyber expert, cara frederick is with us from the heritage foundation. cara, i read your stuff and you have the colonial pipeline hack was just child's play. okay, let's take it up a couple notches. what could the russian hackers do to us? >> so, the really interesting thing here is when you talk about russian hackers, we're not just talking about those state- linked actors so we know what they can do. they've been toying with ukraine for years and years and years, but when it comes to us, like you said, the issue is potential

retaliation for making moves to take some russian banks out of swift, so, that's critical here. our banks are good, we're adopting a heightened security posture, but our cybersecurity infrastructure security agency says so far, okay, no direct specific threats to our, to the u.s. in general. that's great, but when it comes to what russian state actors can do, and what russian non-state actors can do this is where the war is really heightened. i'm very concerned about those patriotic activists, those cyber criminals that conducted things like the colonial pipeline attack, you look at jbs, that was in the west, our meat issues there, so it affects what happens with the gas pump, what happens at the table, so, there's a psychological aspect to it as well, the cognitive security element is going to be targeted in addition to that, if these attacks do or these threats really do come to pass, but for now, i say keep an eye on those cyber criminals, and what

they're capable of, because it is, it's different and it's a lot more interesting than what g ru state-linked actors are doing right now. stuart: cara, we never hear about what we can do to them. spell it out, can we do serious damage on them if we wanted to? >> if we wanted to, so right now, the risk of escalation in the cyber realm is massive , so everyone's trying to caution prudence and what it looks like when it comes to that non-warm able activity, russia conducted that against ukraine, that wiper activity disguised as ransomware and what they did was it looked like at that point they are trying not to let it spread like wildfire, from machine-to-machine like in 2017, which caused billions of dollars of damage here at home so right now it looks like narrowly- targeted and confined but what we can do if these threats manifest in the west is we can defend forward. sisa, again that agency talks

about shields up so we need to defend ourselves in one way and then we could impose costs if we are attacked, if there are attacks in the west we can impose costs by disrupting their systems as well but that prudence is something that i think we need to emphasize right now, as everyone's emotional, as tensions are heightened, as sanctions tend to ramp up so i think it's very important to understand what the cyber realm looks like as opposed to the kinetic realm. stuart: sure is, cara, thank you very much for being here, we appreciate it see you again soon get back to those markets we've been open for 26 minutes, the dow is off 400 but the nasdaq has come back a bit it's only down 67 points. the 10 year treasury, it's at a session low in terms of the yield. you're down to 1.86%. still ahead, carl icahn, steve forbes, congresswoman claudia te nney, and pete hegseth , the 10:00 hour is next.

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stuart: it is exactly 10:00 eastern time. let's get straight to the money. we're own the downside all across the board but the losses have leveled off a bit. the dow is down 370, the nasdaq is down just 36 points. a new low for the treasury yield this morning, not quite but down to 1.87% t was 1.86 a few moments ago. price of oil, $95 per barrel. bitcoin, close to 40,000 bucks a coin. 39,900 as we speak. that is the financial markets.

now this. >> the world changed over the weekend. putin's war on a peaceful neighbor finally brought the rest of the world together. last week putin was the great chess player. he thought his generals would roll over ukraine in couple of days. now he looks cornered threatening to unleash a new armored attack on kyiv, if he demolishes that beautiful city he is not a chess player but a thug. some question his sanity. my how times have changed over the weekend. last week europe was drags their feet. now germany will send 1000 antitank weapons and stinger missiles to ukraine. they will change the constitution so they always spend more on their military, that is historic turn around. sweden, finland, estonia send equipment.

over the weekend europe showed it has a backbone. what the world needs now is an american president who changes course on energy. the green new deal helps putin. when president biden cut the supply of fossil fuels he gave putin leverage and opportunity. in tomorrow's state of the union message, our president could help america, help the whole world if he reverses course, build the keystone pipeline and others, frack for nat-gas, drill for oil, above all. increase supply of fossil fuels, even if it is just temporary to get us through this energy crisis. i doubt he will do any of this, but if he wanted to tackle his biggest problem, that is inflation, you put the greens in their place and beat putin with a brand new energy policy. second hour of "varney" just betting started. ♪.

stuart: pete hegseth joins us this monday morning. pete, you're a militarify. let's start there. what in your view is the military situation shaping up like in ukraine? >> first of all i totally agree with your take, by the way. the military situation on the ground right now, the russians effectively took a strategic pause on the ground for 24 to 36 hours, what they realized they couldn't secure the supply lines or secure the logistics. you saw as you go into the company, special forces transport planes are shot down by stingers that are there. the javelins have been effective against tanks. they got out front of themselves. their hubris made them believe the ukrainian military would melt away and make their way rapidly to the city centers. they're seeing a turn, and seeing that in karkev more indiscriminate bombing. the heavy hand of a desperate vladmir putin start to rain down

on the civilians in russia. the other thing to pay attention to, stuart, the forces in the south in crimea, they made russian forces made a bit more of an advance, we covered this all weekend on "fox & friends," than the ukrainians could stop, if they could punch from the south and make it way closer to kyiv, creates two things. another avenue of approach for capital city for the russians, it cuts off the ukrainian troops in the east, fighting in the donbas, the separatist region, if you cut them off, that is a lot of ukrainian combat power. all of that said, stuart, the big dynamic the ukrainian people to the challenge with a real president and leader who galvanized them. the russians didn't expect it. if the weapons from the europeans who have finally woken up make their way in time, you could see a drawn out front even though vladmir putin as overhe will well ming combat power.

stuart: former ambassador to nato, curt stroll very, he doesn't think putin survives this. could be taken down by his own generals. that is speculation from an ambassador what do you say? >> that is interesting speculation. strong man will do whatever to remain their powers. we'll see what he does to political opponents, including people close to him. he is aware of those threats. i would imagine an attempt to consolidate them. more time you spend on that, less time you focus on the new adventure you created in ukraine. was said at the beginning, stuart. donald trump tried to wake up europe. like your dad telling you to do something, you don't do it. not until the threat is at your doorstep, it is time to get absolutely serious. energy is the real lynchpin, my co-host on "fox & friends weekend," rachel campos duffy, this is the green new deal war.

we're zoo foolish we can't secure ourselves. stuart: tomorrow president biden gives the state of the union address. jen psaki gave a sneak-peek of the remarks. watch this, pete. >> no question in the state of the union, the american people will watching around the world will hear the president to talk about the efforts he led over the past several months to build a global coalition to fight against the autocracy and efforts of president putin to invade a foreign country but what people will also hear from president biden is his optimism and his belief in the resilience of the american people and the strength of the american people. stuart: all right, pete, do you think the president biden deserves credit? >> what did any of that mean? that is, the most conventional washington gobbledygook speak i ever heard. galvanize the world? the world was dragged along as you said by vladmir putin. no part of what joe biden

sanctions incremental sanctions approach that were meant to deter they admit they weren't meant to deter, didn't deter at all says anything about leadership. not to mention. i was at cpac. i talked to leaders from the european parliament from multiple countries. all of them point to the debacle in afghanistan and the question as to whether or not america will be a reliable ally. that is a real question. the left criticized donald trump if he was blowing up nato. he is the one that would make great again. took vladmir putin unfortunately to coalesce it. and joe biden if anything was an impediment an afterthought. i don't anticipate anything real nothing like what you talked about the state of the union, all of it very divorced from reality. stuart: pete hegseth, got it. see you again soon, pete. >> thank you, stuart. stuart: thousands of people including pete hegseth gathered at cpac conference this weekend. there was 2024 presidential nomination straw poll.

i got to believe you know who won? lauren: we all know who won, donald trump was favorite, got 59% in this straw poll. florida governor desantis came in 31 points below him in second place. the only other republican to crack 1% support was the former secretary of state mike pompeo. both former president trump and florida positive ron desantis gave speeches. neither one of them mentioned the other in their speeches. i think that highlights increasing fraught relationship between the two who are the most popular in the republican party right now. stuart: fraught, all right. thanks, lauren. back to the markets. the dow is down a solid 430 points. plenty of red on the screen. mark grant is with us, the one and only. mark, i know your stuff. you sent me your stuff. i read it. i want to tell the viewers about it. you want to see a reversal of energy policy from this administration in tomorrow night's state of the union message. spell it out for us mark.

>> first let me tell you something, stuart, as an american ashamed of, that, i don't think most americans know this, we are buying 209,000 barrels a day of oil from russia and 500,000 barrels of petrochemicals from russia, which means, america, the united states of america, is helping to finance russia's invasion of the ukraine. it is a startling fact. what my plan is is called stand up america. what i think we should do, and what i would love to see, see president biden say though i doubt he will, not only will we become energy independent, but we'll start exporting oil and natural gas to europe. if we do that, stuart, we can virtually bankrupt russia and stop anymore inurgeses. in terms of what that does for

us, it's a tremendous win. it would make america richer, the energy companies richer, would provide more jobs. it would cut down on inflation because prices of oil and natural gas would fall and it would stop the fed prohaving to act so quickly to deal with inflation and i think that is exactly what we should do. stuart: i'm with you 100% on this but i also have to say as you've been saying it is not going to happen. the president cannot reverse course on the green new deal. he simply cannot do it. he would lose his left-wing. owe would lose the climate warriors. so he is not going to do it. it is pretty stark, isn't it, he is not going to do it. >> i think we could have a groundswell from people if they get ahold of not just the president but their senators and their congressmen, call it stand up america, saying we'll not put up with this, we'll not buy russian oil. we are going to become energy

independent again and we're going to export oil which will be great for our country. stuart: all right. i will take that. i am going to run with it. stand up america plan from mark grant. >> stand up america, yes, sir. stuart: stand up america. got a ring to it. thank you, mark, we'll see you again soon, real soon. >> thank you, stuart. stuart: all right. back to the market. i've got some movers, first horizon up 29%. lauren: it's a bank, td bank says it wants to buy it for $13.4 billion in cash. that is $25 a share. it is getting closer to that mark. it h it is the biggest steal ever for td, expands their deal in the southeast u.s. stuart: on the movers list. that is list. >> more m&a monday after all. chevron is buying renewable energy a biodiesel maker for $3.15 billion.

the biggest threat to on alternative fuels. it is bowing to pressure to shrink the carbon footprint. stuart: end phase. lauren: number one on the s&p 500. they're expanding home renewable energy and ev charging to australia. what is number two on the subpoena today? stuart: go. lauren: solar edge. what is going on in russia, the need by europe foreenergy, making people rethink alternatives to oil. stuart: the war in ukraine we're told is threating the supply, threatening some items here in america. like what. lauren: three things primarily. chips would be the first one. ukraine produces 70% of the world's knee i don't know gas, that used in production. neon gas. then wheat. canned get parts to build cars. ukraine war threatens to make bread a luxury in the

middle east. it will affect us here in the u.s. but happening in the middle east. russia and ukraine provide more than a quarter of the world's wheat. wheat is at a 13-year high. stuart: i saw it go up 7 1/2% on chicago futures overnight. >> sunflower oil, corn, anything. stuart: thank you very much. ukrainian refugees arriving in poland. hundreds of thousands of people escaping from the war zone. we're live on the ground with a report for you from poland. oil prices jumping. russia slapped with more sanctions. what does that mean for us at home? jeff flock has the report from a refinery in new jersey after this. ♪. dad, we got this. we got this. we got this. we got this. we got this.

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still plenty of red ink, dow down nearly 500 points. nasdaq is down 100. look at ups and fedex. they're halting delivery service to russia and ukraine. you send a package over there, it will be sent right back to you. jen psaki says the oil price surge is proof we need to reduce our dependence on foreign oil by using more green energy. that is jen psaki. our own jeff flock is at a refinery in new jersey, what are the refiners there saying to saki, jeff? reporter: they're quoting kermit the frog i think, stuart, they say it is not that easy being green particularly in the midst of a war that threatens democracy in europe. this is a pbf refinery here in new jersey. they process mainly oil into jet fuel for the philadelphia international airport across the river. right now they're paying almost record prices for oil. obviously we're around $95 right now. they say it will only get worse

with the sanctions on russia, central bank freezing assets, hard for russia to get paid, less world supply in the market. of course there is the bp thing. i need to mention which i know you already have, the bp pullout of their deal rosneft, the russian oil company, that is going to cost them $25 billion maybe, but pulling out of that, that is access to less oil. now to be clear i know some people said well we need to start exporting oil and gas to the rest of the world, we're already doing that to be clear. we are the number one still exporter of oil and producer of oil in the world, about, 11 billion, million barrels of oil per day in the last month for which statistics are available. same thing with natural gas. we are told by the american petroleum institute right now queer the number one producer of natural gas for europe, exporter

to europe. so we're already doing that but the api says we could do more and bring the price of oil and gas down. plus -- >> 10 years ago the united states was only producing about six million barrels of oil every single day. that number has doubled in that period. imagine the situation that we would be in today or that europe would be in today were it not for american supply of both natural gas and oil. reporter: $3.61 at the pump right now. yes, can you imagine what it would be like if we weren't pump manying all the oil we were. a lot of people think, stuart, as you know, we could do better and we have in the past and we could again. stuart: yes indeed, jeff flock, thank you very much, jeff. here with me is congresswoman claudia tenney. old friend of the program. welcome back, congresswoman, good to have you with us. i have a bee in my bonnet about this new york state sits on

enough natural gas to supply the entire world. why can't we go get it, congresswoman? >> i love it is not easy being green from your reporter but we have a liberal, far left, one party rule in albany that has banned natural gas drilling. when i was a state assembly member i voted on the ban on natural gas drilling. in my old district at home, ny-22, and the new district, ny-23 it is an area that could be enriched with responsible gas drilling to provide energy security to the nation and the world if only we could get it. remember something interesting, andrew cuomo ran first time in 2010, he did not rule out the responsible of gas drilling, got attacked by the far left green new deal types, cut off natural gas drilling. another thing this area has lost jobs, lot of people. we have the highest out-migration in new york state.

this could bring us back economically and bring us back to the what was the rust belt of new york. stuart: am i right saying at this moment there is an embargo, i'm not sure of the correct word, but you can't frack in new york state? that's a map of your district i believe, just how much natural gas there is underneath your district. simply gigantic. i understand, conning congresswoman, you can't get the natural gas out of new york and build a pipeline to get it out-of-state. when will that change? >> we have to have leadership in new york. we have to have energy literacy. the democrat. time for republicans to be corageous exploit the resource we have, do it responsely with regulations t cochange the dynamic of new york state if we were to do this. another interesting thing about

the united states versus any other country in the world, our ability to have individual rights to minerals and natural gas to the people, farmers who lost their dairy farms, people across my region this could be an incredible opportunity to employ these people, to bring them back, to bring prosperity to individuals. the constitution mentions property rights 25 times or more. this is an essential right of americans to use their land, to gain mineral rights, to bring security to our world. we can do it responsibly and safely. but the democrats completely have the narrative we have unsafe trucking. spills could have instead of a pipeline. we have an opportunity to put a republican governor in place. we have the opportunity to change things in new york. woe need to fight, be strong on this, be courageous, got it, congresswoman claudia tenney,

thanks for coming back to the show. hope to see you real soon. >> thank you so much. stuart: a former ukrainian beauty queen trading her tiara for a rifle. she is preparing for combat. we have that story. >> world is watching every putin's move after having nuclear forces on high alert. we have a report on that next. ♪. trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim® is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools. dedicated trade desk pros and a passionate trader community

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so, enroll today, before the moment slips away. take advantage now. stuart: still plenty of red. the cow is close down to 500 points. nasdaq 71. a lot of red this morning. i'm looking at amazon. that is moving down. what's the story? lauren: the information is reporting that amazon will drop its mask mandate for all the warehouse workers in the country. previously amazon said if you're fully vaccinated, work in a warehouse, if you live in a state that loosened requirements you don't have to wear a mask. it will reportedly go to everybody. stuart: masks are not the reason it is down 1%. lauren: not. geopolitically. stuart: teledoc, they are active this morning. they are up. what is the story? >> will love the story.

alexa i want to talk to a doctor. a doctor will call you back. free if you have insurance or $75 without. stuart: you don't know how many people with amazon -- lauren: sorry. do you think anybody still names therapy child alexa? stuart: no, i think that is gone. airbnb, down. lauren: they're offering free temporary housing for up to 100,000 refugees fleeing ukraine. this stock is down not because of that news. because the travel and leisure stocks are broadly lower today. stuart: that is a fine thing to do. 100,000 refugees. got my vote. thanks, lauren. america and the european union are excluding some russian banks from the swift system. edward lawrence at the white house. break it down for us. what is swift and how does it affect us and russia? reporter: right. the swift system is the transaction system globally that allows banks to communicate transactions going through. we're talking trillions of transactions around the globe

but these are very extensive sanctions being put on. not just on that. on the central bank of russia. this is the first time the u.s. has imposed central bank restrictions on an economy the size of russia's economy. sank shuns of $630 billion potentially in foreign currency around the globe. most of the russian banks are being removed from the swift system that processes transactions back and forth across the globe. that is a big deal. there are carveouts for energy that is the problem for republicans. listen to this. >> the biden administration was wedded to threat of sanctions only strategy that ultimately failed to deter putin. i support swift sanctions. i think it is this administration has been dragged kicking and screaming into it. in many cases our european allies are moving more quickly than us. reporter: senior administration officials are telling me they

want to minimize the impact of energy costs on americans while maximizing the financial hardship in russia. there is a collective this official saying a collective decision to degrade russia's capacity to be a lender of energy supplier globally but inside of russia there has been a run on money. inflation is starting to spike. the russian stock market will not open for fears of massive selloff. the russian national bank raising interest rates to 20%. the senior administration officials not giving me a timeline when they think the sanctions will work on the russian president. he has put his nuclear forces on alert as you've been talking about. republicans like senator bill cassidy, saying time to open up u.s. energy, reverse course on energy policy. start becoming a greater export of oil as well as natural gas. to allow allies to be reliant on us, not russia for that energy. right now energy is the carveout. stu? stuart: 100%, produce our own,

why not? edward lawrence thank you. russian troops drawing closer to kyiv that's true. the mayor klitschko is proud of his students spirit. >> stay positive and with russians destroy our independence and our cities. >> i believe our country need us. i can help, we can help to make our victory near. so we want to stay there. stuart: we're joined now by jason burchard. the owner of a ukrainian restaurant in the east village of new york city. welcome tote program. i hear your business is booming, is that correct? >> first, let me say, thank you very much for having me. business has really increased since this whole lead-up to what happened since the attacks started last tuesday. it has been overwhelming support

for myself, the business and my staff. stuart: i understand you're giving a portion of your proceeds to help ukrainians back in ukraine. is that correct? >> correct. leading up to this week we working with some non-profits that are helping on the humanitarian level as well as i'm sharing the direct link to the national defense of the ukrainian army on their website. as of last week, starting today we'll make it public all our borcht sales, the traditional ukrainian soup, all the sales will be donated to the ukrainian relief effort. stuart: do some of your employees who are ukrainian have relatives in ukraine? can you tell me what is happening to those relatives and describe the situation at at home? >> i have a distant aunt in the western part of ukraine. she is in a small village. thankfully she is safe. there is no harm there. i have several staff members who

have parents, relatives, siblings who are in kyiv. they are concerned. there is long line to obtain weapons. everybody is doing molotov cocktails, do whatever they can. who can't are hunkering down in the subway tunnels and at home, praying for a quick resolve. stuart: have you or is the ukrainian community united firmly? >> we have had multiple rallies and protests. the gathering of our elected officials here last week. they're in full support of what is going on and we're hopeful that with the outpouring of love that support will be there. stuart: we've had several people on this program question putin's sanity. what do you have to say to that? >> i think he is a maniac. i think he is tyrant. and should be held accountable in the hage.

this is unbelievable what is happening. the threat of nuclear armaments is flabber gasting. i'm sickened. stuart: thank you, sir. very glad you're on the show this morning. great stuff with your restaurant with all the people pouring out their support for you. jason, the owner of selka in new york city. >> thank you for having me. stuart: sure thing. a former ukrainian beauty queen is joining the fight against russia. is this the lady? there she is. is she a member of the military? lauren: she is dressed in military clothing training to fight for ukraine, one of many civilians doing the same fighting against russia, making firebombs in the kitchen, arming themselves. ukraine is letting any prisoner with combat experience, willingness to fight for ukraine free from jail to fight russia. so they're going all-in. stuart: i saw this the other day. "real housewives of new york" star, bethany frankel she is

trying to get ukraine some help. what is she doing? lauren: she is raising money for disaster relief. she has done it for the hurricanes. doing it for ukrainian refugees. what is remarkable, she raised $10 million, but from regular americans who donated $50 a piece. she is trying to get supplies. it is difficult to do but she is trying to get supplies there. stuart: thanks, lauren. americans are dumping russian vodka and pulling off russian items off the shelves in support of ukraine. government officials are on alert for the a massive cyberattack. "kurt the cyberguy," is telling me how i can protect myself from foreign hackers after this. ♪

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stuart: as you check out the downside move for the dow off 300. but nasdaq has come up a bit up six points. how about that? switzerland will freeze russian assets. they're setting aside tradition of neutrality. switzerland is a favorite destination of russian money. it will be frozen. that is a very big deal. the state department sending an urgent message to american sirte sense in russia. ashley, i can't imagine what that message is? >> get out immediately. back to you. the message comes as countries are closing airspace to russian airlines, britain, poland, the czech republic and romania. in a statement the u.s. embassy in russia said, quote, u.s. citizens should consider departing russia immediately via commercial options that are still available. of course those are starting to decline. this latest security alert comes from the you were state department, earlier this year

traveling to belarus because of russian troops there. those troops invaded ukraine. with the options rapidly dwindling to get out of russia, that is the message. get out now. stuart: heard loudly and clearly too. thanks, ash. we told you about the russian cyber threat to big companies like banks, for example, but how can we protect ourselves from a cyberattack? "kurt the cyberguy" is with me. kurt, let's get real here. you know how useless i am with technology. can you tell me -- >> you always say that but you're not really. you play the role. no, you're not. you're actually far more advanced than most of us. stuart: that is not true but why don't you tell us, tell me how i can protect myself easily and simply from a cyberattack. go. >> i can do that for you. first though, this morning we have our eye on concerning cyber activity here on u.s. oil.

america's largest chipmaker, nvidia, suffered a cyberattack friday that totally compromised its internal systems. supply chain logistics taking a hit. expediters international continues recovery efforts that crippled options on freight shipments to 300 locations. hacker group anonymous declared it is joining the ukrainian call for cyber warfare help. anonymous claiming responsibility for 300 disruptions to russian government computers, including the russian defense ministry. we know both the u.s. and russia have enormous cyber warfare capabilities. we know of ongoing malware attack targeted at ukraine called wiper for its destructive payload that wipes systems completely. that is kind of devastating. if history tells us anything cyberattacks don't have borders. they often spill over, causing havoc to unintended targets over

time. add to the equation also, stuart, a first in history, the uprising of cyber patriots and vigilante hackers waging war for one side or the other. it has never been more important to make yourself hard to hack. so do these things this week. be very mindful of this, be cautious with every link you get in text, emails, social media posts. think twice before you click that. check to get the latest software updates of all the devices of yours. back up a data to a drive, not just the cloud, you got it just in case. always use a strong password manager. the most important thing, have really good antivirus protection across all the devices at home and work. one vulnerable device could lead to one bad actor getting in. i posted cyberguy.com extensive review of strong anti-virus protection and five way to arm yourselves against cyberattacks to make it super easy for you.

stuart: tell me again, where do i go for your website, tell me again? >> cyberguy.com. my moniker. stuart: cyberguy.com. >> i looked for the nickname you called me sunshine in the past but that was already taken. stuart: that was a mistake. >> it was. stuart: sorry about that. >> good to see you, stuart. stuart: you're all right. see you again soon. state governors calling for rye move of certain russian products. start with texas, what are they doing there? ashley: why not, texas republican governor greg abbott put out a tweet saying quote, i asked members of the texas restaurant association, texas package store association, texas retailers to voluntarily remove all russian products from their shelves. texas ands with ukraine. utah is not alone. utah governor cox telling alcohol beverage control remove

all russia produced, russian branded products from the shelves immediately. utah standses in solidarity with ukraine, will not support russian enterprises no matter how small the exchange. republican governor mike devine ordering state department of commerce to purchase of vodka by russian standard. liquor stores in new hampshire asking to remove russian branded or products removed from shelves. little russian made product is import into the u.s. 1.2%. it is certainly extending a message. stuart: it is not distilled in russia. the headquarters are in luxembourg. not sure you pour that good vodka down the tubes. >> certainly not. stuart: a ukrainian mother hiding out in a bomb shelter in kyiv with her three children.

her husband is fighting the russians. she will give us an update from the bomb shelter in the next hour. bernie sanders says big oil companies are using russian invasion to price gouge consumers. he is calling for a windfall profits tax on oil companies and price controls. we'll deal with it after this. ♪. living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause status. verzenio + fulvestrant is for hr+, her2- metastatic breast cancer

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♪. stuart: let me take a look at oil. the price this morning is $95 per barrel. i want to bring in ashley here. if you did a survey on wall street and you asked people, how high do you think the price of oil is going, what would they say? ashley: well i think bets are mostly right now 100 bucks is just the very beginning, stu. some investors believe oil could approach those levels that hit records back in 2008 near $150 a barrel because of the limitations on global supplies. others say oil could trade around 130 bucks if the ukraine situation worsens. analysts at jpmorgan believe crude could hit certainly around 120 bucks and there are several factors at play here. firstly a big rebound in demand as we know after two years of

the pandemic. we have surging inflation adding pressure to the global economy. also fears about russia east oil exports as the conflict in you in ukraine goes on. the recent data ratio of bullish wages to bearish ones was 15 to one on the bullish side. that is bad news for you, i, and everyone else at the goose pumps. stuart: certainly is. four dollars gasoline, here it comes. bernie sanders is calling for a windfall profits tax on oil profits and price controls. what do you make of that, price controls and windfall profits, have at it please. >> same old, same old from bernie, right. i'm not sure who had a worst take on this, him or john kerry, when john kerry said the ukraine situation is distracting our efforts on climate change.

these two guys between them, the democratic party has a huge problem. they are captured, they have, green left has a vise grip on these guys and every policy that they promote leads to this, this is their very plan. they want prices to go up to promote their alternatives. what do they do when they go up, they blame everybody but themselves. like a perfect thing for a politician, right? we heard this from bernie forever and ever. let's ask him, did he say that we should subsidize the oil industry when they were losing $75 billion during the pandemic, right? stuart: no. >> it is comical, stuart. stuart: look, the left has a real group on the democrat party. i think that what is required right now is to produce as muchp fossil fuel energy as we possibly can, because you know, we could really heat the world and get the world to running again properly but i don't think

that is going to happen because i think the greens have two strong of a hold on the democrat party. we're not going to reverse course on energy. that is a very bad thing. what do you say? >> i absolutely agree and it's unfortunate because this, this is real, real pain and now the west is seeing the results of years and years and years of getting energy policy advice from swedish teenagers, former bartenders and washed up socialists. we need grown-ups running energy policy. we have the most energy underneath our lands and waters as anyone else in the world including russia. there is no reason for us for this situation, other than bad, bad, western leaders promoting bad policies that are driven by the green left. stuart: the only way to change this is in the elections in november when we finally get fed up with having to pay the price for green energy. that is where things change.

last 30 seconds to you, tom. >> yeah. only say this too. vladmir putin recognizes the strength that he has because of this very problem in europe. the european nations are now dependent on russian gas because of what the policies that they have been promoting. and putin even funded green lefty groups to fight fracking in eastern europe and the united states. there is reports of that. stuart: yeah. >> this is a green new deal invasion from my perspective. stuart: we need a green new deal reversal. i think we agree on that. tom pyle, american energy alance. see you soon. yes, sir. check those markets please, open for an hour 1/2. we're up 30 points on the nasdaq, down 260 on the dow industrials. still ahead, here is what we have, pennsylvania congressman dan muser, steve forbes, billionaire, legendary investor carl icahn. i will ask him about a possible market bounceback after the ukraine crisis. putin, he is in a corner.

his military not doing well in ukraine and his economy is in desperate trouble back home. that is "my take" and it's next. ♪. ... plain aspirin could be hurting your stomach.

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>> since 1945 we've seen significant rebounds every time we've had a geopolitical event. it's really important not to lose your head here. >> i think we're at some peak fear here. i think we're going to see this market rebound through the spring and i think we'll be set to near all-time highs july and august. >> ukrainian people have risen to the challenge with a real president and leader whose galvanized them, and the russian s didn't expect it. >> the most nukes in the world put all that together it is a frightening proposition. we've got to figure this out. >> this is putin's folly. he's, i think, he's done for , myself. i almost blame biden. we are just doing half measures from our administration. stuart: 11:00 eastern time, straight to the markets, please. the nasdaq is up 40, the dow is down 250. show me the price of oil, that's key to this whole situation here , we're at $95.56 per barrel

, most people suggest we're heading to $100 a barrel, and gas prices are going up. the yield on the 10 year treasury all the way down to 1.87%. flight to the safety of treasury securities pushing the price up and the yield down, 187. now this. the financial sanctions on russia are really biting. this could be the way the world beats back the challenge of a th uggish dictator. the ruble has collapsed and that's the right word to use here. that means everything they import goes straight up in price , now they've already got an inflation problem. it's simply going to get a lot worse in russia. just hours ago, the u.s. cutoff russia's central bank. earlier, some banks have been cutoff from the international payment system. people have been lining up at banks trying to get their money, and the russian stock market is not going to be open today, so investors can't get their money either. russia faces a stagflation

situation, that is, no growth, probably a recession, and inflation, all at the same time. that's a financial disaster for putin back home. as we've been saying all morning , putin's in a corner. his military not doing well in ukraine and his economy is in desperate trouble back home. that is a dangerous moment for us all. dictators lash out when they're cornered. third hour of "varney", straight ahead. steve forbes joins me this monday morning. steve, i'm worried about putin in a corner lashing out. what say you? >> that's absolutely true, and one of the things we have to be prepared for and start thinking about is that you bring those huge artillery pieces into ukraine and does to those cities what the he did, you'll have a human disaster of enormous magnitude, tens of thousands of people being slaughtered.

the world is not going to stand for it, stuart, you'll see enormous pressures, i think, in the days ahead to have a humanitarian military intervention in ukraine, to stop the slaughter, and who knows where that's going to lead. that's what's coming if he does in the ukraine what he did in ch echnia, in this case the whole world will be watching and is not going to stand by and allow it to happen without trying to do something. stuart: who would allow, who would actually go into ukraine to mount this humanitarian assistance that you're talking about? >> i think without using the word nato, or u.n., they put forces together on a humanitarian banner called the coalition of humanitarians, and they will make it very clear to russia either publicly or behind the scenes, this is going to happen, the slaughter cannot continue and we're going to put a stop to it so i think we've seen amazing things happen already this weekend in germany and elsewhere, and i think we're going to see this happen if putin decides to go ahead and try to slaughter the ukrainians.

stuart: these financial sanctions that have been imposed are truly severe and they appear to be having the desired result in that you've got chaos within russia economically and financially, in moscow and other cities. it occurs to me, is this the first time that financial sanctions actually work to suppress a thuggish dictator? >> they've had huge impact more than people would have thought possible just a few days ago and this is one of the things about war always has consequences no one really foresaw and putin didn't see over the weekend germany would abandon a policy on weapons for 75 year, overnight move to change its constitution, moving the offensive weapons into or defensive weapons into ukraine. you're seeing it all around the world, and so yes, i think that it's not just the sanctions , it's the whole world saying, you can not have a dictatorship, massive powerful dictatorship invade a democracy. stark contrast to the 1930s and

putin didn't see it coming. stuart: let's talk about the federal reserve. a week ago, there was an am- unanimous opinion that interest rates would go up sharply in march possibly with a half-point increase in the fed funds rate or whatever it is they are going to move up. what about now? has this recent war action had any effect on the fed and what it's likely to do? >> i think they will probably raise it 25 basis points or indicate maybe they will do it in april instead of march, but the thing to keep in mind is thankfully american banks are brimming with reserves, the federal reserve has 1.6 trillion of overnight money that it borrows that it could release into the system if there was a liquidity crunch here or in other parts of the world so in that sense the fed does not have to expand its balance sheet , its got the liquidity to meet any potential crisis especially if it looks like there's a military turn in ukraine, that would have been inconceivable a few days ago. stuart: do you think that president biden deserves any

credit for the way the allies have come together, the european s, you're smiling, the allies have come together with severe sanctions, does president biden get any credit? >> i give them credit for the way they did the information war before the actual invasion, so everyone was on to any spin that putin might have tried to put out there, but i think in this case, the president's been behind the curve. i mean, who would have thought germany, of all places, would switch 180 degrees? so i think biden is being dragged by events, but thankful ly the democracy that can happen and one of the things that's going to happen i think is going to begin a reversal even though they are screaming about energy because democrats aren't going to want to face the question, why are we cutting our oil production and buying more oil from vladimir putin? so i think we're going to start to see a change on that. not because of presidential leadership but the events of pressure coming from a democratic nation, the democracy just as you're seeing in europe, we're not going to stand for this. stuart: got it.

very strong and forceful steve forbes this monday morning thanks for being with us on the show. >> thank you. stuart: back to the markets have a look what's going on there, please. the dow is only down 240 points, earlier this morning, before the market opened, pre-market action showed a 500 point loss for the dow we're down 250 as we speak. the nasdaq composite up almost 50 points. jeff sica joins us our market watcher this monday morning. jeff, historically, going all the way back to 1945, when you get some kind of major league geopolitical military event, the market bounces back very very quickly. within a month its bounced back to where it was before. do you expect the same kind of bounceback with this market now? >> well stuart, what i see with this market is keep in mind, when everything came out, the market went very bearish. the bearish sentiment in the market went back to march of 2020, and then the market re bounded. what i see is a lot of times what wall street will perceive is the worst possible outcome.

they will read the headlines, the worst possible outcome will become the most-likely scenario when it doesn't happen than what you have is you have a lot of these people who sold short, bet against stocks and now they have to buyback so they could protect their downside so you get a lot of rally off of that, but you also see that a lot of times, perception is reality for the market, so if the perception changes, for example, what i see is initially we anticipated that russia was going to bowl over the ukraine. they were going to bowl them over in a day, everybody was said ukraine would fall in a day and you have ukraine standing firm and fighting them like dogs to beat them, so now, they're starting to see that maybe this russia we're so afraid of, they could be handled and there's a more optimism. stuart: there's just so much risk of unforeseen events, and a

missile goes into poland, the destruction of kyiv by russian armor, that would not go down well in the markets so investing at this point is a real dangerous occupation isn't it? >> yeah, investing should always be considered dangerous. it's especially dangerous now but let's keep in mind that we have other things to be concerned about. now we're so focused on ukraine and russia when we in fact have an inflation issue that, to me, for my investing, i look at the inflation issue as being a bigger concern because it affect s everybody in the u.s. the consumer. stuart: so what is your best inflation hedge, bitcoin, crypto s, or gold? >> one thing that gets, stuart, that gets the hair on my neck to stand up is when people call bitcoin a hedge, and at one point i was one of those people who said it's a hedge.

it is no longer a hedge. it is very very correlated with the stock market and the people who buy bitcoin, they might love bitcoin, but they love leverage even more, so they're borrowing to buy it so you see the market, especially tech stocks, the speculative markets sell-off bitcoin sells off with it. gold, on the other hand, i mean, keep in mind, gold is the biggest owner of gold bullion is russia and china gold on the other hand which is hitting an interim high is very different. i think people should really be taking gold seriously right now because gold, to me, is a hedge against government incompetency and we see that paraded in front of us all day, everyday. stuart: jeff i've always taken gold seriously, always. i like the feel of it you know what i mean? jeff sica, appreciate it very much. lauren come back in please, lordstown motors is down 16% and you have to explain that.

lauren: so they reported a wider loss $81 million, they say they need more money to launch their first electric pickup, the endurance and when they do launch they are only expected to produce 3,000 through next year sharply lower when they first got it after their public listing in october of 2020. stuart: on the prompter there's a company i've never heard of pan-systems. well they are down 36% they must have done something. lauren: well they are in eastern europe. i looked them up they provide software engineering services and they just withdrew their full year guidance because of the russian invasion into ukraine and they have their largest delivery centers in ukraine, russia and belarus so that's why they are down 37%. stuart: united airlines? lauren: okay there's a lot going on here down 3.5%, scrapping 17 domestic routes particularly the smaller regional airports. the other issue though and that's affecting the entire airline space is theres no access to russian air space right now. meaning, the airlines have to divert their flights south but

also, avoid certain parts of the middle east. that means the routes are longer and typically more expensive because higher jet fuel prices. stuart: airlines, cruise lines -- lauren: i feel bad for them i really do. it's everything, covid, geo politics, you name it. stuart: and then there's this , lauren. some ukrainian refugees are leaving poland to return home to fight the russians. we've got that story live from poland coming up for you. in my opinion, putin's attacks on ukraine made europe and the nato countries more unified than ever, get into that. the president of ukraine says the next 24 hours will be crucial. we've got the report from lviv, ukraine, after this. dad, we got this.

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stuart: peace talks between russia and ukraine are indeed underway in belarus on the border there. russian forces continue to advance into ukraine's second- largest city, mike tobin is with us live from lviv in ukraine. mike the latest from there, please. reporter: well, a couple of things we're watching right now, stuart. throughout the day, we're watching a three-mile long convoy of russian armor advancing toward the capitol city of kyiv. usually, the fighting is worse at night and the sun has just gone down. the second-largest city, kharkiv , to the east, that was subject to an unrelenting and in discriminate rocket fire throughout the day. locals say that dozens have been killed, hundreds injured. we're yet to confirm those numbers. here to the west of the nation,

the resistance is making preparations. >> this commission is operation in europe, and the mayor said keep calm and make molotov cocktails. what are you doing? >> to take something to help other people, for other armies, and first, i think what we are doing, we can make a cocktail. >> russia is one of the strongest armies in the world, most sophisticated armies and you're fighting them. >> yeah, yeah. the people of russia, they never have this at the same time. >> and you're fighting for your home? >> yeah. >> one of the things we're adding to those petroleum is

jelly and that way when the bomb breaks it sticks to whatever it is covering, and all of the old bottles are filled with that petroleum jelly, if you will, and packaged up to go to kyiv. it is one of the most sophisticated armies in the world but they have a lot of fight in them doing it with molotov cocktails. reporter: as far as the cease-fire talks no word on how that's going, how it has gone, but there was not a lot of optimism at least from the ukrainian side, going into these talks. stuart? stuart: well i'm not surprised mike tobin in the middle thank you, mike good stuff. earlier on the program former u.s. ambassador to nato said he doesn't think putin survives this. roll tape. >> everyone has come around now to see putin for the brutal dictator and aggressor that he is and to support ukraine. i think this will be ultimately

the end of putin. these are the actions of a mad man. stuart: the actions of a madman, how about that. dan meuser, republican from pennsylvania, joins me now. congressman, will putin be taken down internally, maybe by one of his own generals, that seems so farfetched but what do you think >> good to be with you, stuart. well he certainly is on the los ing end at this point. he's being very surprised by courage, by the incredible courage of the ukrainians which let's face it, it's now encompassing nato as we see nato strengthening, we see finland wanting to join nato, we see the germans stepping up it's because of the courage of zelenskyy and ukrainian people. when zelenskyy was offered by joe biden or the white house to get out, his answer as you well know is i need bullets, not a ride, so putin is being very surprised. these things happen in war. thank god, and putin, this has

become putin's war. this is not the russian war, and we need to sanction and cause every inflection we can on putin himself, and his oligarchs that surround him, his billionaire friends, but as you said a little bit earlier, stuart, a caged animal, with nukes, we need to give them an opportunity to make some peace in the end, and hopefully, he realizes that's his only option. stuart: at the moment, there is a large column of armor, russian armor, three miles long approaching kyiv, the ukraine's capitol. the theory is that this is going to be used to crush kyiv and that's the threat, these peace talks. if you don't surrender, see it my way, we'll crush kyiv. in my opinion, that would put putin in an even worse condition i don't think we're prepared to see a major city in europe just

destroyed because of his thug gish behavior. >> yeah, and i've seen the initial provisions from those so-called talks in belarus and it just is asking crane to lay down their arms and cease any sort of fighting and acquiesce to all of putin's demands and that's simply not going to happen. the parliament just sent and i quoted it to you, a letter to congress, spelling out about five different types of weapons and communication devices and armor that they need from the united states, so as opposed to just sending money, we need to assist in those ways, as germany has done, because germany now sees the reality of these situations, and the world is seeing reality. look, we got to stick together. we got to defeat putin, create an opportunity for peaceful measures and provide the ukraine everything they need to stop that convoy from getting to kyiv stuart: do you think it's a matter of time if the ukrainians can holdout, keep kyiv for

another two days, maybe, they could win this thing. is that possible? >> i think we can get a stalemate and putin sees that the russian people who by the way are protesting by the thousands in the streets, in moscow and elsewhere and putin is busy arresting them, sees that the consequences will out weigh any gains and that's what we need to continue and that's why we need to not carve out in any way oil and natural gas from any of the sanctions. that needs to go. enough with the escalation of sanctions. we need to ramp it up, other of the large oil companies in russia, need to be sanctioned, perhaps even embargo on russian oil, and the biden administration needs to step up domestic production so as we strengthen from within. stuart: please. good luck with that. i think that's exactly what should happen but probably which will not happen. congressman dan meuser thanks

for being here sir, see you again soon. check those markets, notice please that the nasdaq has turned solidly positive, up 80 points and the dow which had been down 500 is now down 160. show me via-sat, that's a satellite communications firm. they are investigating a potential cyber attack, which caused internet outages in ukraine and some other european countries. okay, the backlash against russia extending to businesses across the world, break it down for us, ash. ashley: well, they cover, yeah, they cover a wide range of businesses. for instance facebook and youtube are blocking russian state media from running ads on their platforms, they've also created a special operations center to monitor the content. twitter suspending all advertising in ukraine and russia to "ensure critical public safety information is elevated" and ads don't detract

from it. we should talk about bp. under heavy political pressure dumping its stake in the russian oil giant rosneft, it is the most significant move yet by a western company and it will cost bp up to $25 billion in charges. the company is the biggest foreign investor in russia, but pressure has been mounting, given that the head of rotundas is a very close friend of putin and that rosneft itself supplies fuel to the russian army. according to federal documents at least six lobbying firms in washington d.c., the previously represented now-sanctioned russian banks and also by the way companies tied to the nord stream two gas pipeline they have terminated those contracts. elsewhere, dell technologies has suspended sales in ukraine and russia, and says it is closely monitoring the situation. the new u.s. rules on exports do cover computers. dell, by the way, accounted for

about 6% of computer shipments to russia in the last quarter. we got to talk about the sports world, stu. lots of things happening there. fefa soccer's governing body says it will hold no international competitions in russia. england is now joining poland, sweden and the czech republic in refusing to play russia's national team, in car raising the russian grand prix scheduled for september has been canceled and in the nhl hall of famer goal tender dominic haseck is demanding they suspend contracts for all russian players coming in thick and fast from all areas of the economy even sports. stuart: got it thanks very much, ashley. now a ukrainian mother of three begging for help from a bomb shelter. watch this , please. >> it's not enough to feel safer. stuart: can you imagine being in a bomb shelter with that child for the entire weekend because that lady has been doing just

that and we'll speak to her from the bomb shelter, coming up shortly. take a look at the markets, carl icahn spent 45 years in this investment business, does he see the markets bouncing back from russia's invasion? icahn on the show, next. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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stuart: all right, we do have a comeback on the nasdaq, which now is up nearly 100 points, and the dow is only down 127. susan is back with the movers start with high-tech. >> yeah, i told you this would happen because look, we're at the end of the month, right? and this is despite the fact that you have a bank run taking place in russia and like 20% devaluation in the currency and 100% increase in borrowing rates , but it's the end of the month so there's a distortion effect when investors tend to close out those short contracts and this might be a short squeeze where investors have to buyback the stock that they have been betting against, especially if they are down 70%, and also i think it's a reaction to lower yields with investors, you know, rushing into the safety of treasuries so that yield has come down it's helping these type of high-tech stocks which makes their income look a little better in the future. less risk. stuart: energy stocks? >> outperformers today, clean

tech as well which i found really interesting so oil as you know speaking on the back of those russian sanctions, so there's a rotation right now and i think that if you're going to move away from russian oil & gas , defend ensemble it that probably means more money invest ed into clean tech. stuart: did the bitcoin hit 40 grand? >> that's right so bitcoin finally acting like digital gold and a hedge against government actions so that 20% devaluation in the ruble probably has investors running into alternative assets in order to protect their values. stuart: i like the way the dow is coming back, it's down about 100 points we'll take that one susan thanks very much indeed. look whose here now, legendary and billionaire investor carl icahn who joins me by phone. carl, look you've had 45 years in the investment business, you've seen all kinds of stuff. is it correct to say that markets historically bounced back quickly from overseas military action? will they bounce back quickly this time, carl? >> yeah, that's a big question,

stuart. i think that this market possibly is overreacted to what's going on in the ukraine, but i don't think that's the problem we have. i think the problem we really have is theres a much deeper one which is inflation, and i know a lot of people say that, so i'm just not giving you new news, but i think inflation is a major problem for us, and i think that is what we have to deal with. i lived through it in the 70s and it's not easy to put that ge nie back not bottle. stuart: carl i was in the 70s too and i remember very well, i remember inflation took off towards the end of the decade, and really stayed with us for a very long time, and it wasn't until the paul volcker at the federal reserve raised interest rates dramatically that we vent got rid of inflation. do we have to do the same thing again this time around?

>> i believe that eventually, it's going to come to it but i can't tell you when, i don't think anybody can predict the exact timing of the market, and anybody trying to do it is just, i think, wasting time, but i think look at a macro picture and if you lived this before, and you have to realize that at this point, we're sort of in a precipice, when it's going to happen though, could be three years, five years, you don't know, or three days. i think that a catalyst was this russian ukrainian but i think we should be able to get through that. stuart: when you say we're at a precipice do you mean like on the edge of a huge sell-off? >> well, we already had a sell-off, so you already had 10% , but i don't want to be an alarmist, because nobody is sure when this is going to

happen, but you're building toward it. you can't keep pumping money into an economy. you can't keep just printing up money. i mean then it gets to the logical conclusion which is absurd that nobody has to work. and indeed, some of the left wing democrats are saying that if you feel like working, work. if you don't, don't, and you can't have that, by definition you can't have it, so eventually , we're pumping money in, some stocks are priced in a certain fashion, and it just actually makes no sense considering the prices of these companies. stuart: are you a bitcoin or a crypto kind of guy? >> look, i'll tell you something, i've studied them, i looked at them. i clearly admit i can't understand, i really don't understand and if i can't understand something, you know, i'm an old school guy so i buy value, so i can't understand what it is.

i don't say they're no good or they can't be good. i'm not telling people to sell them, but i can't buy something i don't understand. stuart: i'm laughing, carl, because you and i are pretty much the same generation and i'm sitting on the set with a young lady whose half my age, and she's very enjoying this conversation about bitcoin, because we've had this conversation before. i don't understand it to me it's a gambling chip but there you go one last one if i may, carl, hbo released that documentary about you and in it, you say there is "no democracy in corporate america." do you want to spell that out, what's wrong with corporate democracy here? >> well it's a real problem, and i think, stuart, that you hit the nail on the head here. we do not have accountability. there are good companies, i want to preface it, there are good companies, well-run companies, ceo's but the reason over the years we made so much money is going in and cleaning up the

mess, in a lot of these companies or at least giving advice that has worked well for them. we don't have a system. even politically, which is flawed in many ways, if you don't like the president, you get rid of him in four years. you have an election, some people argue how fair the election is but at least you have it. here, there's no election. it is extremely difficult to have a proxy fight, and unfortunately, the sec is making it even more difficult, so i think that one of our problems is that you have people running our companies that are not equipped to run them. they are over their heads but you can't get rid of them. it's a principle three times removed and as a result you don't produce as much goods as you could in our economy. you absolutely aren't using the power of these companies. you don't use the productivity

of them. as a result, and this is not the only reason for inflation, but this is one of the reasons, a major reason that we're not productive, and as a result you have inflation, and it would take me an hour or two to go into all of the other manifestations of this problem we have. stuart: we got that problem. >> so we have to really change the system in a lot of ways and i think we're going in the wrong direction toward it, not in the right direction, and now, in fact, i don't think that's the trouble with corporate democracy, but the problem we have today is that we are going to have more and more, we have inflation in oil prices. i mean, a year ago, just a year ago, oil, we were buying oil a the minus $35. stuart: i remember. >> we needed storage at one of the refineries, but we own a big piece of. what i'm saying is now look at it $100 nobody would bet on that

and really, one of the reasons is believe it or not, that you're paying a tax, the consumers are paying a huge tax of over $40 billion in something called rins, and they were put into effect in 2005 to make energy independence. stuart: carl i've got to jump in , i'm terribly sorry, i'm coming at a hard break, you know how that works so i've got to take a commercial break but i want to thank you very much for being on the show, carl, you're an icon. you've heard that before, come back and see us again, soon, carl. >> okay, stuart. thank you. okay. stuart: next case, a ukrainian woman, mother of three, hiding in a bomb shelter the whole weekend, her husband is off fighting the russians. we're going to talk to her, directly, next.

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stuart: our next guest is a ukrainian mother, she's hiding in a bomb shelter in kyiv, with her children. alena nuez joins us now. i know you've been there all weekend. that's something which many of us simply cannot imagine, all weekend in a bomb shelter with your children. how are you doing? >> hello, basically, i'm here since wednesday, and today for the first time, i came back home for about 20 minutes and i took a shower for the first time , and i'm feeling great, i took some old food that i had in my home and the water, because the stores were open today but it wasn't easy, there were very long commutes so i'm very happy that i have some food and water for my children, and i took a warm blanket for them too, so today is very good, but, you know, just now, we started to hear the explosions and more of

the missiles but maybe tanks or something. stuart: how far away do you think are the russian troops? now you're in kyiv at the moment , how far away are the russian tanks and troops? >> you see because i was running today, i wasn't really following the news, and we know where they are on what you guys report, so i don't know where they are but i know they are very close, very close to kyiv, and we can even hear how they are fighting. stuart: what's the atmosphere on the streets? you said you went out, people were lining up at food stores, what's the atmosphere? >> the atmosphere during the day was very positive. people were very happy that they basically woke up in the morning and then in the day, there was a message that it will be open and everybody today were riding around the cities to buy some food and who needs what and

people were excited and they were finally feeling kind of relieved that today, we can go out and do something, but at the same time, we understand that in the end we're still like at war, and but today, people are feeling, and we were smiling and joking and children were laugh ing until recently, we heard the explosions and now everybody is keeping quiet. you can see them, oh, yes, but right now, just a few minutes ago, we heard the explosion, so everybody now is very quiet. stuart: and you've all been living in that basement bomb shelter since wednesday of last week, and you've only been out once, is that correct? >> basically, yeah, all of these people who are here, they are here since wednesday but many people left, but who remain here, we are about 100, so yesterday we counted so it was almost 100 people. stuart: well, olena, i have to

interrupt you because you are an inspiration to us all, fighting and free spirit of ukrainians is an in spur asian and we thank you for being on our program and on fox, thank you, ma'am. see you again soon, i hope. >> you're welcome. stuart: okay. how about that. young orphins hiding out in a bomb shelter in ukraine, right now they desperately need food and funding and we'll explain how you can help, next. et a fut, a first-time mom and a seasoned pro. this mom's one step closer to their new mini-van! yeah, you'll get used to it. this mom's depositing money with tools on-hand. cha ching. and this mom, well, she's setting an appointment here, so her son can get set up there and start his own financial journey. that's because these moms all have chase. smart bankers. convenient tools. one bank with the power of both. chase. make more of what's yours.

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stuart: here is where the market stands at 11:50 eastern time dow is down 200, nasdaq up 65. hundreds of thousands of people are fleeing ukraine, going to poland, well connell mcshane is there with the refugees what are they telling you? connell: they are telling us two very different stories, stuart. some say that they are so happy to be out of a war-torn country but there are others who say they can't wait, believe it or not, to get back in, like this young man, who you're about to meet, living comfortably here in poland, heading back to ukraine. he tells me why. >> my mother in ukraine, because it's my country, and i want to help for my people in

this country, and for [inaudible]. connell: are you going there to fight? >> maybe. connell: how old are you? >> 18. connell: only 18 years of age you saw other men, a little bit older all of military fighting age, stuart saying they were going back, indeed, to fight. we asked them why and each and everyone of them told us the same thing because they love their country. stuart: connell mcshane in the middle thank you, connell. our next guest is working with two orphanages in ukraine, which currently hold 200 children, babies to four-year-old toddlers they are now in danger of running out of funds, running out of money. mark david is with abundance international founding director, that's who he is, and he joins me. let's get right to it. how can we help? >> well, thank you so much for the invitation. you know, a week ago life was normal, and today it's crazy.

i intentionally i'm an american but running this for a decade, i love these people and wanted to stay and help and let me tell you what we found out. as i was talking to the doctors who are the on-site directors for our agency, we had thought that maybe they would have two or three weeks worth of food, we have to find supplies. we are here in nokoli, the city half way between crimea and odes sa, and they said our supplier was out of kersone, and they had five disaster left to get food and so we scrambled, we put the word out and a lot of people gave and we were able to come through and find stores, i love these people, the stores helped us utility, we said we're here for the orphins they said skip the hour-long line, come to the front, people were giving us discounts and helping us and we just turned around to the orphanage director and said we want to help more in ukraine. i worked with adam lenst to really scale this business and let me tell you what we're doing now. we have contact through the doctor whose the director of

our orphanage here, throughout the entire ukraine we're seeing send us your list we'll get money from outside and we're going to help you. the lists are coming in now, and these orphanages are in a worse position than we would have imagined. stuart: i think we can put up a website on the screen, which our people can donate to if you wish to. we'll put it up as soon as possible, get it up there and leave it up there it's on there right now. www.abundanceinternational.org. one last question are some of these children up for adoption maybe for adoption by americans? >> this is a great question. i've been getting this all day long. god bless the american people. their hearts are so big i have so many who wanted to adopt but at this time, first of all we really can't move anybody. understand that many of the countries the danger zone, the roads we don't know if they are passible. also, what you saw in those kids having to go to the bomb shelter even that is risky. a third of these infants are special needs, handicapped, disabled, downs syndrome and

it's traumatic for them to be moved so please be patient. when the dust settles and the government agencies are active people can apply for adoption. stuart: mark i just wanted you to understand the sympathy and empathy you're getting from americans for you good folks there, mark davis, good man, thanks for joining us, sir. >> thank you appreciate it. stuart: yes, sir. show me the dow 30, get a sense of the market. a lot of red ink right there. more "varney" after this. . . here in israel and the former soviet union the jewish people are living in very difficult times. there are now thousands of destitute elderly jews who are desperately in need of basic food. the international fellowship of christians and jews

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stuart: quickly to the market action, the dow is now down 120, nasdaq in with a gain of just 89 points. here's something notable, bitcoin just returned to the 40,000-dollar level. it is now climbing, 41,100 as we speak. that surge just occurring. the price of oil earlier at $95 a barrel. that's where we're at right now, 95.41. there is developments about ukraine. peace talks have now ended. kyiv is threatened by an armored column approaching the capital city of ukraine. there is some thought, maybe putin is saying surrender or we'll desty kyiv. more severe sanctions have been imposed and there is financial crisis throughout russia. the banks have seen lines of people waiting to try to get their money out. the ruble has collapsed, the stock market is closed for this day so investors can't get their money out. earlier today, zelenskyy,

ukraine's president, asked to join the european union, not nato, but the european union. he wants ukraine to be part of the western world. finally, putin in my opinion, is in something of a corner. pressured militarily, defensive about back home domestic problems, what happens when dictators are in a corner? they lash out, dangerous. neil, it's yours. neil: they do indeed. stuart, one of the things i remember you and ashley talking about, with all of this, hey, you you think you would be looking at a huge free fall. you would think oil at in and out of $100 a barrel, now at 95. some interpreting we'll get through this. maybe things are stabilized. maybe putin is pushed into a corner. a wounded animal is not necessarily a positive development but interesting oil is not doing much.