it and i totally agree to have a pet around for an older person with the love and companionship is so special. i'm so glad nobody celebrated this. >> the producers pets, i know she is out there i don't see a picture of her but we will get those out there. great to be with you guys this morning. have a good monday. we will see you tomorrow. thank you for being here. "varney & company" begins right now. stu taken away. stuart: good morning, everyone here we go elon musk making headlines. he will not take a seat on twitter's board, he says the headquarters in san francisco should be turned into a homeless shelter. everybody is asking her, now what if he's not on the board he could buy as many shares as he wants, he could buy the whole company. and still have $260 billion left a personal fortune. will he do that, don't know. there shall be another headline

coming soon. i'm going to leave our coverage with the price of oil way down $94 a barrel in part, this is because lockdowns in china continue, 23 cities in some form of restriction that cuts demand for oil and prices down $94 here is another financial headline interest rates rising and rising sharply we now have the yield on the ten year treasury at 2.79% to 79. that hurts big tech on the left-hand side of the screen the most widely held of all stocks and they are all down across the board as for the future as a predictor market but will open lower down 130 for the dow, s&p down about 30 in the rising interest rates will be done about 170 points. that is the nasdaq. bitcoin and crypto pulling back. bitcoin at 41100. in ukraine the russians are preparing a big push in the

eastern part of the country, david 8-mile long tanks and trucks heading to the front and a new general to run the show he is reportedly known as the butcher of syria. britain's prime minister boris johnson strolled through the streets of kyiv and clearly the russians withdraw from ukraine's capital jake sullivan says there are no plans for president biden to visit kyiv. as for mr. zelenskyy the president zelenskyy, the time for peace talks is over, give us the weapons we need and let us win. a new start 25-year-old scotty scheffler won the masters he finished ten under three strokes ahead of rory mcilroy, 25 years old tiger 13 over part finished 47th but he was the crowd favorite, very clearly and he made the cut. monday april the 11th 2022. "varney & company" is about to

begin. ♪ >> i know katie. were good friends. hot and cold is the name. that is empire state building. an f of this, let's start with twitter elon musk has turned down the offer to join twitter. >> do we know? it seems elon would've been handcuffed if you were on the board, he might think the only way he has a real influence if he acquires bigger than 14.9% stakes or buys the whole enchilada. here is the statement a part of it from the ceo, we announced on tuesday the elon would be appointed to the board contingent on a background

check. was that level of oversight too much for elon musk? let's show you what he suggested. twitter's blue paint service they should have their accounts authenticated with the checkmark. let's flip the screen most of the top accounts really sweet like justin bieber, barack obama, is twitter dying, the latest profits were down 25%. that is a good question. they have a headquarters of a homeless shelter nobody shows up anyway. he deleted some of the tweets. however, could influence any of those things if he were on the board or does he need a whole copy? >> i do not know the answer to that question, would he have if he was on the board? i presume he would have to use a larger shareholder but whether he can make wholesale changes without a majority of the shares that is another story i would've thought. >> i started this and he

would've felt very handcuffed if he were on the board. stuart: i think he would. the rest of the board it is not his push anyway. the leftist, pretty much all of them. look who is here now, sean duffy joined justice monday morning, a big smile. what do you think elon musk should do now? >> usually handcuffed again to join the board he would only increases shares for 1.19% up to 50%, that is a problem, it's going to be problematic for elon musk. maybe it's gonna make a bigger play for the company. i don't agree and liberals are going with my speech on twitter but they have a dialogue of ideas in the debate of ideas that's what made the platform interesting. i think elon musk is a great benefit to free speech into twitter and just to note people

who did the premium subscription they are going to be able to play that for elon musk if he gets it through pay and dogecoin which i know that you love. the greatest crypto of all time. >> that is quite a way to start a monday morning dogecoin for heaven sakes. twitter is a badly managed company before elon musk came along, the profits and income is down 18% in the latest quarter, earnings down 25% and profit margins are being squeezed. elon musk could have done himself good if you stuck around to be some changes, the obvious question do you think he will stick around and make some changes? >> i think he will it's like we spent $200 on something and elon musk buying twitter that's how much money he has and again, i think he believes in this idea of free speech the problem with twitter when you start to cancel

everybody who's interesting or different point of view other people legal platform as well the way the twitter makes money they sell product as to advertisers on the platform and if you lose people on the platform you lose money it's a very simple concept, they want us on the platform but they don't water ideas, that doesn't work very well. if elon musk comes in and opens it up to free speech where people come back into the public square the company will make more money it is simple. this is the idea why wouldn't twitter want to make cash for their shareholders by bringing more people onto the platform they do not care about money they care about their ideology which is troubling. stuart: i am out of time unfortunately but i would love to pursue this i would love to see twitter become a free speech platform it is a leftist propaganda but i don't do anything with it. thank you sean. >> take you have a good morning. >> next week we will talk

dogecoin. >> that we want. stuart: futures sorry to say monday morning with the reading. we have a new survey that shows economists believe there is a growing risk of recession. what exactly other kind of missing. >> you put the probability of recession in the next year at 28%, they agree high inflation will stay high, 5.5% at the end of this year, we will know more tomorrow will beget consumer prices they will commit expected 84% of the biggest increase since january of 1982. over 40 years. stuart: that's a huge thing 8% inflation probably reported tomorrow morning. thank you. back to the interest-rate spike that we seen today, the yield on the ten year treasury 2.75%, jason katz with this is monday morning, interest rates are up were expected to see in 8% consumer price inflation and

tomorrow's report. hi time and heightens anxiety for investors. >> to stay the least, the fed has created a generation of investors that are low rate junkies, we have printed over $5 trillion since covid. the medication of low rates is not easy and it's going to start with the balance sheet reduction of nearly 100 billion a month, it is no wonder the focus is shifted from the war, i don't know if it so much the quantity of the rate hikes it is the cadence happening much faster than we all expected. that is why the markets have been so wobbly. >> do you see a recession coming. >> certainly on the table but is not a foregone conclusion did not all recessions are created equal. unlike a lot of previous recession the backdrop is not merely only in, try getting a hotel room, a plane ticket,

access to disney and labor force participation is really kicking up as the best since the start of the pandemic. one key data point that we don't pay as much attention to supply chain is improving a bit. freight rate, spot rate for truckers plummeted 35%, that is not a function of a slowdown in demand that is people coming back to work. recession is on the table but it may not necessarily be a knockout drug out. stuart: high anxiety for all investors this monday morning. we will see you again really soon. china daily with a huge covid outbreak. new cases in shanghai with record highs. >> top 20000 cases in shanghai yesterday but a handful has symptoms. some of shanghai 25 million residents may start to leave their homes today after weeks of lockdown and go further south 18 million people there closer

schools today get so many cases they had 37 were reported there is little evidence in china that these lockdowns are effective in growing evidence that the 0 covid policy erodes trust in the government. were seeing videos of empty streets but on social media you see people protesting in opening up the refrigerators, nothing inside, we are hungry and authorities locked on their bikes and knocked at the front doors, does this have an economic effect, the chinese stock market down 3%. they have inflation and producer price is up 8.3%, look at this, consumer prices froze what it have%. why is that, the companies cannot pass the higher prices along to the consumers because of slowing down as an economy overall. >> what worries me is the supply chain stuff that we need coming to america, 23 cities under some degree of lockdown, shanghai

totally lockdown. that suggests supply chain problems getting worse for us in america. we will see how it plays out. one more time for the futures heading south down 170 on the nasdaq. the mainstream media beginning to understand democrats have a problem into the midterm elections, watch this. >> democrats haven't found any way, democrats are on their heel looking to schools and covid mask requirements and they have not figured out how to message around this. >> we will have more on that and that's for sure, look at the new images and eight mile-long russian convoy to the key region of john basque ukraine. if we supplied the ukrainians with the right weapons can they beat the russians, can they went, that is next.

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stuart: president zelenskyy warning russia will begin larger operations in the eastern part of ukraine. alex hogan we've seen the new images of eight mile-long convoy moving toward the don basque region, what more do we do about this. we know that where people are fleeing the eastern part of the country especially seeing the new images and many are coming to the western side of the country, this is a small town it is a pilgrim site for ukrainians and now it is become a refugee center for people who are fleeing all parts of the country in fear of being at the wrong place at the wrong time in the last 44 hours we seen russian troops reinforcing their

position in the northeast and also increase attacks in kharkiv, specifically airstrikes. a new satellite image showing an eight mile-long convoy of hundreds of armored vehicles and tanks heading south to the contested donbass region. they've also managed to take more territory in mariupol 90% has been destroyed by the constant shooting and constant bombing, meanwhile in the north outside of kyiv is leveled a lot and buried residents and families are still waiting and hoping to find their bodies. >> my children have been under the rubber for 36 days, my son-in-law died. >> british prime minister boris johnson visited volodymyr zelenskyy over the weekend and kyiv budgeting were military and financial aid. zelenskyy met with austria's

chancellor, two days later his meeting with russian president vladimir putin, as far as the president here, zelenskyy said his country has been russian troops communication later evidence of war crime. within 7.1 million people are displaced in ukraine according to the un. here refugees are finding a new home, this morning i met one woman the alexander she traveled here with her 3-year-old daughter sophia, it took them 30 hours to get here while attacks are taking place all around them. >> people said we came here. we came to a safe place. >> emitted. evacuations in imports aid have largely been blocked in the church that is plagued, very important role on the ground,

priest and networks of different church organizations are helping bust people out as some of the conflict areas and bring them to places, again this is a holy week leading into easter we will see more people here and there will be drugs and new refugees arriving in a matter of days. stuart: thank you very much indeed. retired lieutenant general ed hodges joins me now. russia preparing for the new major assault. if we get ukraine the proper weapons do you believe ukrainians can beat back the russians militarily within ukraine? >> i surely do, this is a very important time for this campaign and what we do in the next two or three weeks can make a long-term difference, imagine if ukraine had the polish fighters right now they would be torching the convoy that you just talked about with the russians are very vulnerable they are pulling back

units to reconstitute and rebuild units with new leaders and new equipment and they will be vulnerable to long-range fires, we've got to get the ukrainians at capability over the next two weeks before they can stand back on their feet. >> i would've biden administration is dragging its feet with these weapons, the ukrainians are doing so well, you have to assume that some of the good weapons are getting through. is the president dragging his feet by going into the peace talks or encouraging these peace talks when zelenskyy is encouraging that we should go for a win. >> addict we should absolutely be going for when. i don't know if i agree that the president dragging his feet if this is intentional and i do think this administration also many of our european allies are overly concerned and we've exaggerated the potential of a world war iii in the russians are on their knees right now and they will get back up. we need to talk about this is

our fight, that does not be the u.s. troops inside of ukraine but doing everything that we can to make sure that ukraine is able to win and that we are committed to winning and otherwise you and i are going to have the same conversation in a year. stuart: yes indeed. thank you for joining us, always appreciate it. vladimir putin is meeting with austria's chancellor today. what is the significance of that. the australian leader is the first western leader to visit. >> sorry austria since the war started, he is in moscow, also austria is a model of neutrality they have a military but their neutral country in neutrality was onef the demands that president putin had for a cease-fire with ukraine. is there anyway that austria can help convince russia that may be ukraine could become a neutral country and what are the ways to

end the war. stuart: we will see if anything comes out of the meeting. it is today. >> he is there right now and they will be in a few hours. he also visited ukraine over the weekend by the way. stuart: the dow industrials will be dog 100, nasdaq and 170. that is how the market will open this monday morning. we will take you to wall street for the opening bell next. ♪ meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪

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well with others and waste his time at the board of directors meeting with policies that he dismisses in the first place and led him to take this action. stuart: what do you think is going to do? >> i tell you what i think is playing ball in serious and wants to make a point and ultimately i do think there is an outside chance that he does take a private. i said last week and make an interesting stock, he's done that. stuart: he makes a lot of things interesting. some big picture, tomorrow morning we are likely to get news of 8% consumer price inflation, this morning we got news of rising interest rates for 2.756% on the ten year treasury 275 as we speak, that does not seemed like a good time to be investing in stocks, what say you. >> history shows it's always a good time to invest in stocks. it's the moments that do not feel good. again there's no easy way around this but if you are in three, five, ten years you have 92, 95% probability of a higher market, they don't have that type you

drop it into the 50/50 range. you have to take a chance, there is no way around that. i will look at this and the hubris from the fed is staggering, the white house is out to lunch and our leaders are busy bickering instead of helping the american people we will see the highest. ever, people will worry because the fed will get more hawkish and convince everybody that they will try to fix it which is preposterous because they caused in the first place. >> you don't sound enthusiastic putting fresh money into the market. >> opportunity you always play to win if you look at a football game or cricket game you're playing offense even when you're playing defense, sometimes the best offense is a strong defense which is one of those moments. stuart: if i went to a two year treasury security and earned by 2.3% with absolute safety in the small tax break involved, i'm doing okay, aren't i? >> you not doing bad but what do you actually want to accomplish

if that means your goal, fabulous but a lot of other people they're gonna want that growth if your 2% inflation is at nine you need to own a company like apple that has 35 l get ahead of it but it does require the longer timeframe. >> you make a good point and you argued successfully and made a good point. we will see you again really soon, this monday morning there clapping and cheering and we are about to start training and i predict there will be red ink when we show you the board. we are often writing, down 90-point, down 116, 115 points for that out, about three quarters of the dow 30 argued the red there is a lot of selling this monday morning the s&p 500 is down two thirds of 1%. at the nasdaq that is taking it on the chin it is down 1.1% that is because rising interest rates hit big tech look how badly they

are getting hit microsoft is down $5 all the way back to 291 apple is at 168, alphabet 2600, amazon just above $3000 a share, meta platforms down to a temperature. let's get back to twitter, elon out, twitter down. the drama is far from over, good morning. >> i have a question and i want you to answer, were you surprised by this news. >> i thought it was pretty strange how critical some of his tweets were about twitter this weekend. some of those tweets have been deleted included the pool asking if the w should be removed from twitter. you were shaking your head on that one. >> he was referring to a hotel or something. >> you know the w and twitter, and i said let's get back to the actual serious stuff. here is the thing the accepted theory of what happened, elon musk was asked by the board and

the ceo to self censor on his tweets, dni says that we believe the twitter board and elon musk could not come to an agreement around elon musk communication of the public this goes for mr. dibella story with him joining the party keeping his stake under 14.9% is like a "game of thrones" battle in the months ahead. with a 9% stake does he keep it or up at 14% go hostile or sell those because now he doesn't really have that much of essay anymore in terms of the long-term plated of the company itself. he has been using the twitter drama to distract from what's happening with tesla in production and a lockdown in shanghai. you are looking at me. >> i think that is what is happening in shanghai and the china lockdown that is extremely important, whether it's a distraction that elon musk is using with twitter, i don't know

but i feel that the shanghai lockdown. 23 cities i think that is a supply-chain problem in an economic problem for china and much bigger than a distraction for elon musk. stuart: tesla is up 1000, don't forget china is the main catalyst for the reason that tesla got to $1 trillion and evaluation not only producing for china by exporting to europe as well and some would say a platform that only has 270 million daily active users which is what twitter has is a far smaller property and platform then facebook or the tiktok et cetera. do people really care all that much? is it that big of a deal. >> let me go back to the shanghai lockdown, neil electric car manufacturer shut down their factory, i don't know where it is but it's near shanghai. >> is in the area. >> that the nasty indicator of real problems within china. the stock is down 11%.

>> not only shutting down their production but their suppliers had impacted their factory has been shut down. you have to remember shanghai is a city of 26 million, that is the size of texas concentrated in one city area. not only are they dealing with the rising covid cases i think it's a record number right now in china but the factory is being shot but they have to deal with inflation as well. neil and nancy they are raising prices on its suvs by $1500 now only shutdowns but supply problems and of course getting your hands on chips and the necessary things that go with it and then having to raise prices. stuart: i will make the point that i think the shanghai lockdown that the china situation is a significant negative for market today. >> in global markets and economies as well. >> let's move on to shopify the stock is down a tiny fraction. >> this is the year the stocks, hasn't been popular for five or

six years or so but now in the last two years everybody wants to split their stocks if you get past the threshold. they are creating a super founder share class the ceo gives him 40% of the voting right, that is in line with the silicon valley, 50% of the facebook or meta voting shares and rights, the ceo cannot transfer the stock, he has to keep them as long as he is ceo board member or advisor. the main reason from what i gathered from this filing is shopify, if they need to raise cash, shopify needs to fill more shares, that dilutes the voting power, has to hold to a certain certain ship threshold, they are getting them were in charge of as long as he did not, amazon, google, tesla, gamestop with stock splits this year, everyone doing a very different reason, we do the amazon and google are doing that included the dow

jones and gamestop are looking to split the shares to preserve their cash and handout stock as dividends instead to shareholders. >> six or eight months ago you and i were sitting here, why don't they ever split their stock. >> is $2000, now they do. we were talking about the share worldwide you need to split your stock when investors can buy a fraction, in order to confiscate your employees a lot of that is in stock packages and compensation packages. you cannot split the stock. stuart: shall be at&t. this was the stock that was down 20%. now a fraction higher at $19 a share. >> the reason is you have to get used to the fact that at&t is a smaller company, they split up a 40 billion-dollar asset warner bros. discovery which has a cnn in the studio itself. also this morning people are getting very bullish on warner

bros. with hbo max and 70 million users on the part from and you deutsche bank calling wpd a new ticker single for warner bros. one of the topics in the market for them. >> cnn is run by wpd. >> that is right, don't forget at&t cut their dividend payout by half and that was the attractive part. >> you 6% payout. >> i would like to know what david is going to do with cnn. >> since i am a founder of cnn 42 years. stuart: thank you so much. winners on the dow biotech doing well, j&j and honeywell, the s&p 500 winners list. >> norwegian cruise line, this is a value play we just talked about the ten year yield in 2.7 that helps travel stocks. >> the spice people carmax is in

there well. nasdaq winners, vertex, dollar tree, regeneron. stuart: checked the big board, seven minutes worth of business and down 64 points, not bad for the ten year treasury, this is interesting almost at 2.76% that is why big tech is down so much, 1968 per ounce of gold bitcoin 41 now it's down to 47. >> i like the reaction. >> the price of crude oil $94 a barrel not gas, 657 pro-british normal. the price of gas $4.11 even oil is coming down. california the same gallon of regular averages $5.76. president biden and is defending her nephew in a new interview

claiming trump. rotate. >> trump in his right wing followers have continued to do whatever they can to discredit this family and bring them down. >> charlie hurt has a thing or two to say at that at the top of the next hour at 10:00 o'clock. i showed you these, the golf clubs used by tiger to win four majors, the going price when we did that last friday $900,000. it got a whole lot higher than that and finished over the weekend. a huge amount of money. a new poll finds to and three rate in the economy bad. why are people in a sour mood there's plenty of jobs and wages rising. i will look for and find it economist to explain it after this. ♪

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>> madison south carolina about 40 miles from charleston looks a little bit chilly it is very sunny, nice weather. democrats grilled big oil executive over rising prices and big profit. however, many of the lawmakers invest in those companies. hillary vaughn is with us. haverty democrats have a history of investing a big oil. >> several dozen we dug into a handful of lawmakers that last week on capitol hill criticized energy ceos for rewarding their shareholders. it turns out several of them were at one time a shareholder and the chairman of the house energy and commerce committee frank actually owned and sold

not only chevron stock but dominion energy stock. congressman who is also been outspoken about the issue has owned and traded exxon stock petroleum stock, valero stock, noble energy, senator john hickenlooper who served on the senate energy and natural resources committee sold a quarter of million dollars of chevron stock/year and reported up to $1 million in gains from exxon mobil stocks. oil companies and oil groups are not reacting well the democrats are floating to punish these companies for the profit that they're making and passing the profits down to the shareholders. the u.s. oil and gas association tim stewart telling fox business about that idea such attacks will do nothing to increase supply but take away our ability to reinvest in new production infrastructure. worst of all it restricts our ability to return investment to those who invested in us first including pension mutual fund

and small investors and retirees who look to dividend to supplement their fixed income. stuart: thank you very much. i have a pole. this poll finds nearly two thirds say the national economy is in bad shape. economist anthony is with us. why are people in a sour mood could we have plenty of jobs and wages are rising. >> is pretty simple when you have a situation where inflation is accelerating and wages are not keeping up people and consumers will be frustrated and that's what's happening and you have hourly earnings 5.6% but inflation is 7.9% on the cpi and we get the next cpi will be close to 8.5%. that'll be a reason for a lot of frustration. the good news the federal reserve is now aggressively thinking about battling inflation, there is a real feeling out there. if the federal reserve cuts and

fights inflation it'll lead to a recession. in the last ten recessions aiding back to 1957 when i was born, 90% of the time inflation the year in the month that the recession started the inflation rate was higher in writing at a higher pace than what are two years before. fighting inflation is not a bad thing. the only issue if they go to aggressively you can crash the economy. but every remembers paul walker and that inflation peaked in april of 1980 but what people don't remember the recession occurred a couple of months before. fighting inflation is not the catalyst for recessions. we have to do something about it, people are angry and they should be angry but oil today as you reported wti $94 down 130. were going in the right

direction. stuart: i worried about tomorrow cpi report which could show 8% plus inflation at the consumer level. we will be watching it i know you are too. we will see you again soon. dr. fauci catching on to what we've been saying for a while now, watch this. >> this will not be eradicated will happen, we will see each individual will have to make the calculation of the amount of risk that they want to take. >> now he wants to give us back her freedom of choice. marc siegel is here on that momentarily. education got him elected and the governor of virginia is making good on his campaign promise of reform. glenn youngkin is here next ♪ ♪

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♪ ♪. stuart: virginia sunny with a high of 78 degrees. the governor virginia glenn youngkin will have signed more than 700 bills into law by the end of this day. many fulfilling campaign promises and the governor joins

us now. great to have you on the show. my opinion would be the most important is on education reform trade my question is are you doing something similar in virginia to what governor desantis is doing in florida with his parental rights law. >> from the beginning we've been standing up for parents, parents matter and that was a big factor in getting elected. these bills that we are signing to make sure parents can make decisions with regards to whether their child wears a mask or not. we take on curriculum in schools to know if their sexually explicit materials in school and were making schools safer, this is a productive legislative session much is done on a bipartisan basis now we have to tackle tax reform and get our taxes down. it's too expensive and virginia. we've been leading on this for the last year end i'm so excited

to see of the rest of the nation falling and recognize that parents matter when it comes to the kids education. stuart: this is it as of today you are fulfilling your campaign promises with all the legislation that you sign into law today, this is the big day? >> this is a big day a bunch of bills that we are signing in a bunch that we are amending one of the great response abilities ever virginia governor. we still have work to do in our budget and we've gotta get taxes down and increased our standard deduction and eliminate the grocery tax and cut taxes on a veterans we want them to have a big tech rebate we can have a tremendous reduction in taxes and virginia but we have work to do to get that done. stuart: i believe you reversed your single use plastics let's put that in english we now allow water bottles and plastic bags as state run agencies? >> to be clear my predecessor banned the state government from buying these products. all it did was restrict

recycling. we seem plastic manufacturing use escalating recycling declining. my executive order is on increasing recycling and attracting to virginia great companies that not only do the recycling but useful products to manufacture to what consumers want this is building business and taking care of the environment at the same time. stuart: you avenue deal with rocket lab are you trying to bring space to virginia? >> we absolutely are is a great arrangement with rocket lab at one of the islands one of the leading launch sites in america. there will be across america a very clear statement made by kids going forward. virginia we have liftoff this is so exciting 250 jobs in rocket labs picked virginia to be the

focal point for the next generation space launch. stuart: what is it with republican governors these days there making all the headway and all the progress. you're leaving the democrats behind. i'm just playing i'm just serving up easy hits, it was great having you on the show. we hope you can come back soon. >> thank you for having me virginia is open for business, here we go. >> we appreciate it still ahead steve forbes, charlie hurt, stephen moore, former ambassador kurt volker the second hour of "varney" is next. ♪ stomize interfaces, charts and orders to your style of trading.

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♪. stuart: that is the doors. how could we forget? easily. good morning, everyone. it is 10:00 eastern. i have some red ink on the left-hand side of the screen especially for the nasdaq which is down 164 points. why is it down so much? look at this, the 10-year treasury yield moving up to 2.75%. when that happens, big tech goes

down. meta is back to 219. alphabet down to 166. microsoft down $10 a share. that is killing me. price of oil, $94.30 per barrel. lots of red ink today. that is the market now this. ignore china's covid lockdowns at your peril. the ripples will hit us very hard and here is the latest. 26,000 new cases in shanghai. 26 million residents still under lock down. they cannot bo go outside. people on balconies screaming for food and medical supplies, please, they're desperate. this is a megapolis and a major manufacturing center. it has closed schools. some factories closed. residents can't leave the city. you see where this is going? the supply chain is threatened. this is the most important part of the whole world supply

change. if china's products don't arrive all kinds of things don't get built. think of the politics here too. xi xinping zero tolerance policy is slowing the economy, as it faces a real estate crash, 8% dictation. dictators facing a emergency are prone to lash out. china is the world's second largest economy. it is the workshop of the world. if it stays with zero covid and keeps locking down, their economy will collapse. that is a very strong word. that they're on the brink. the best indicator for the global economy is the new case rate, the lockdown rate in china. second hour of "varney" just getting started. ♪. stuart: now here's a couple of words to conjure with, an op-ed

in "the washington times," look at that! impeach biden over border treason. charlie hurt wrote that. charles is with us this monday morning. look at us very serious this morning. isn't a little strong, treason in connection with the border. what do you say, charles? >> i don't think so at all. when you consider the president takes an oath of office to defend and uphold the constitution and to carry out all of the laws that congress enacts i think this is the a flagrant example of where the president has ignored them. obviously it's true there have been previous presidents who both parties i might add who ignored this issue but the fact that does not excuse the fact that the biden administration is ignoring those laws and the results are like nothing we've ever seen before. i think they're going to get actually worse. but i think your opening take there about china, you know is a

perfect example of why, i think rubbal republicans there are so many crises to deal with. obviously you know the alarming thing about news out of china with china lockdowns is the fact that i don't think anybody trusts this administration and this president to be prepared to deal with any of this and the default is for republicans to go along and not put a very fine point on the midterm elections. it is like a referendum. make the elections about joe biden's open border policies and democrats open border policies. win a wave election on that issue. get right to work and finally, after 40 years, fix this problem. stuart: talk about the hunter biden problem because president biden's sister is blaming trump for all of the trouble surrounding hunter. what do you make of that? >> to me that is just sort of another example of where you have people who have sort of been led along by a lazy media

that has gone along with the bidens every step of the way and at some point they start making these ridiculous, absurdist claims like what we get from the biden camp now over the conspiracy or whatever they want to say is behind all of this. the facts remain the laptop reveals enormous examples of corruption and live corruption. corruption probably that's still going on as far as we know and i think that you know, we are starting to see a lot of people in the mainstream media turn on this because it is becoming unignorable. stuart: you're a hard guy, charlie hurt that is a fact. great to have you on the show. thanks for being here charles. >> great to see you. stuart: the dow is down, nasdaq is down, but stock of the day is twitter, up 1.7%. a lot of stuff going on here. jeff sica joins us. i know you're not the biggest

twitter fan of the world. elon musk withdrawn his idea of going on the board. what do you think he is going to do? >> to say i'm not the biggest twitter fan on the world is probably a understatement. i actually pray daily for twitter to go out of business. that was until elon musk bout almost 10% share. i started to have this level of hope maybe he would turn twitter a beacon of free speech. this, the events over the weekend, it was a full-time job this weekend following elon musk's tweets and what i've come to the conclusion of, there will be two scenarios that are going to unfold here. either elon musk figurativelily will burn twitter to the ground or he will turn this sinking ship. so what i believe he is going to do is he is going to continue to complain. he is going to continue to speak his peace and try to get them to

conform. if not, he is going to go war against them and what that war is going to involve is holding his share position over their heads and he can bring this stock down if he chooses to. stuart: he could sell the 9% stake he has got. >> right. stuart: all of sudden or whatever. he could do it that would really bring the stock price down, you're right about it being mismanaged. in the latest quarter their income is down 18%, earnings down 25%. profit margins really cut dramatically. it is not a well-run company. if he doesn't make the changes that company sinks. >> iting an awful company and it has been an awful company since they went public in 2014. you would probably have been better off burying your money in your backyard then investing in twitter stock. this was a baller move by elon musk but we have to see if it had something to do with revenge. he has his own agenda.

he has a brilliant mind that sometimes you can't get yourself into but one thing i know, just to quote the "dirty dancing line, no one puts baby in a corner. no one will put elon in a corner. he will speak his piece, if not, he will dump that 10% share on the market and drive that stock to the ground. stuart: i think that is what you want to see, isn't it? >> absolutely. stuart: i know you do. why do you hate them so much? >> i am good with both scenarios. if they turn become a beacon of tree speech. i love free speech. i will be happy. if they're destroyed i will probably equally be happy. that is the truth. stuart: jeff zika, on a monday morning. hard to take. you're all right. see you later. get to the price of energy. the average price 6 a gallon of regular gas 4.11 as of today. do we have a new poll who people are blaming on gas prices?

lauren: yes, "abc/ipsos poll," 7 in 10 blame president putin and slightly less blame the big oil companies. as the executives were grilled. whoever you blame, it is all optics, half of respondents, said, gas prices, just gas prices are causing them financial hardship. gas is $4.11 today. that is the average. you're paying dollar 25 more now than you did this time last year. a buck 25 in one year. stuart: 4.$11, i can see how some companies are imposing fuel surcharges. lauren: uber, lyft. some want a per mile surcharge. they want uber and lyft to cap their rates, cut they take at 10% so drivers can take home more. fedex, some delivery is outsourced to independent businesses. independent contractors say they're on the verge of

financial collapse. they're begging fedex for cash. everybody is grieving in this situation. stuart: uber back to $32 a share, my goodness me, rock bottom. you're looking at movers. nvidia, what is the story? lauren: down sharply, cut to neutral at bear. they see excess inventory, some orders being canceled in a slow down demand of chips including pc demand. stuart: i think they will issue a lot of new shares. that would dilute significantly, investors don't like that at all. wells fargo, what are they doing? lauren: the banks are higher today, because the yield curve has steepened. they're a standout up 2.25%. they report earnings on thursday. citigroup upgraded wells to a buy. they see a retailer fleshed balance sheet. they like the balance sheet to reflect higher interest rate path. most analysts see 50 basis point increase at next 3:00 fed

meetings. stuart: i imagine delta is doing well today? lauren: they are. stuart: they raised prices or what? all the airlines have. >> is unbelievable. it is hard to plan a vacation. they're near the top of the leaderboard on the s&p 500. their revenue is expected to more than double up 13% to $8.8 billion when they report. separately canceled u.s. to shanghai, china, flights through april because of the lockdown in china. stuart: why am i not surprised, lauren? thank you very much. economists say the risk of recession is steadily rising but jen psaki is all about the economic recovery. watch this. >> what the u.s. government economic team feels that the economy has a very strong basis. our recovery has been incredibly strong on most measures. stuart: okay. steve forbes will deal with the state of the economy and where we're going in our next hour. president biden will meet virtually with the prime minister ofished yaw in less than an hour.

as growing concern over india and china's role in buying russian oil and lining putin's pockets. that discussion taking place very shortly. president zelenskyy continues his plea for aid but not diplomacy. roll tape. >> translator: i'm no longer interested in their diplomacy that leads to the destruction of my country. stuart: he wants to win. forget the diplomacy. give me a win. in a moment we'll talk to kurt volcker, former ambassador to nato. ♪.

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stuart: all right, we still got a significant loss for the nasdaq composite. it is down 140 points, a lesser loss for the dow and the s&p. big tech down all across the board significantly so. that's because interest rates on the 10-year treasury are rising sharply. all of big tech way down. russia appointed a new commander to take control of the next phase of the war. his name is, i don't flow what it hiss name is h in russian but the nickname, butcher of syria. lauren: the general is called that because of mass casualties in syria. national security advisor jake sullivan isn't surprised by the russian's scorched-earth policy. >> no appointment of any general that russia already faced a strategic failure in ukraine. this general will just be another author of crimes and brutality against ukrainian

civilians and the united states, as i said before is determined to do all we can to support the ukrainians as they resist him and resist the forces he commands. >> it could get worse, right? we might see more buchas. the city, suburb of kyiv we saw brutal images coming from. the russians are regrouping, the next phase of this war as they push into the eastern donbas. there is concern with this general what we've seen gets worse. stuart: we hear you. thank you, lauren. kurt volcker, is the former u.s. ambassador to nato and joins me again this morning. it seems to me the ukrainians are actually getting weapons they need because they appear to be winning militarily on the ground. is that what you're seeing? >> yes. yes, i completely agree, stuart. i think we were slow to get them the sorts of weapons but we did. and i think if you saw the nato meeting last week, secretary of state antony blinken was there, the tone coming out of nato is

now a little bit stronger and people are providing tanks, they're providing armored vehicles. they provided artillery. we provided s-300 from slovakia for high altitude air defense and this is working. how ukrainians pushed the russians back from most of the major cities they were attacking. now russia has fallen back to only attack cities in the east. stuart: if we give them planes, would that be a game changer out of ukraine? >> that would definitely help. giving aircraft the pols offered, mig-29s. they fold into the ukrainian air force. they have trained pilots. they know how to use these things t would certainly help. i think ukrainians may have already had some advantage as the war has turned in their favor. even with this butcher of syria being appointed as general that

will not compensate for the loss of personnel, possibly as high as 20,000, the loss of equipment, the failed supply lines, the failed fuel lines, the low morale among the russian soldiers. i think the ukrainians have some momentum now. the west really needs to be leaning in to make sure they keep getting all the supplies they need. stuart: we're told there is a big battle upcoming for the donbas region. will that battle decide the war? >> well, i think the war already may be decided. that russia is not going to succeed in taking over you ukraine. kyiv will not fall. ukraine will that is victory for ukraine. the question does russia snatch additional ukrainian territory or do they get pushed out? i think that what is these battles will decide. i think it will look like what we saw with kyiv. you will see column of russian vehicles try to attack. the ukrainians blunt the attack

and go after the supply lines for a few days. we'll see how it shakes out from there. stuart: what did you think britain prime minister boris johnson strolling through the streets of kyiv? i thought that was absolutely terrific and a wonderful pr gain for both the brits and the ukrainians. what do you think? >> especially for the ukrainians. to be able to host a western leader of that stature in their capital city. walk about in the city, that is a tremendous morale boost for the ukrainians. it's a testament to the success of their defense of their capital and it is also i think a clear western commitment we're not going back to the past. no more gray zones. no more lack of clarity, is ukraine a part of europe or not. all of us now need to lean in to make sure ukraine is a successful, democratic, prosperous, secure european state. stuart: would you be surprised if president biden made a surprise trip to kyiv? >> i would be surprised because i know the u.s. tends to be even

more cautious about going into a conflict area especially when we don't have forces on the ground. but you're seeing so many other european leaders do this. we had the slovak prime minister, the czech prime minister and she slovak and polish prime minister. pressure will be for u.s. to send senior people, if not the president at least secretary of state, the secretary of defense in short order. there is momentum toward as ukraine win, let's life it at that. that is good place to leave it for sure. ambassador kurt volcker as you good to see you. >> thank you for having me stuart. stuart: president will meet prime minister of india. there is pressure for the indian to cush import of russian oil. edward lawrence has the story. how is the deterrence policy working out around the world? reporter: western countries

followed suit what has been happening. india is outlie year, virtual call at top of the hour. two sides officially talk about the relationship together, strengthening the ties between the u.s. and india. they will also talk about mitigating the impacts of the russian war and countering climate crisis. the big elephant in the room with this one how much oil india is actually buying from the russians. in fact contracts show that india's importing 10 million barrels of oil from russia in march and april. the country bout 16 million barrels from russia all of last year. the white house downplaying india's actions about this after an envoy talked about buying russian oil. >> i wouldn't characterize it as a warning. i wouldn't at the time. he went had a constructive conversation. decision of each individual country including in-yard to determine whether they import russian oil, it is only one to 2% of their imports. 10% of imports from the united

states. they should abide by sanctions. reporter: but still tens of millions to the russians. what is unclear from the white house is how the u.s. will get india to follow these sanctions. india, china, both, not really following the westerns leads on isolating russia. russian oil is banned coming into the u.s., uk, canada, some other countries but europe still can flow into europe. if they want to mounting pressure for europeans to end the oil. but again it still can flow into europe and flow into india. stuart: yes indeed. thank you very much, edward. lieutenant governor of texas issues a very stark warning about the crisis on our southern border. watch this. >> by the end of the first term of joe biden nearly 20% of all-americans will be here illegally. stuart: that is extraordinary. dan patrick said we could see 30 million migrants living here illegally by the end of biden's

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stuart: standout on the market this morning is still the nasdaq composite. still showing a major leagues decline of 1 1/2%. that is 200 points down for the nasdaq because interest rates are rising. we're looking at some of the other movers. i will start with general motors which is up nearly 4%, lauren. lauren: they're working with their suppliers to develop a continuity plan because china and parts of it are locked down. that is what investors want to hear. they're on track to launch more than 20 models in china, new ones, where overall sales fell 12% last month. they're still bullish on china. making ways around the lockdown issue. stuart: the china problem is coming to the fore with lots of companies. another one, occidental petroleum. this has something to do with china lockdown. lauren: stocks of oil are down because price of oil is down. china uses so much energy. their people are not going anywhere these days. they have been locked down for weeks as the lockdown broadens

encompasses more people. stuart: oil, 93, 94 bucks a barrel this morning. still have four dollar gas as well. datto, holds up 20%. lauren: software-maker, surging because they agreed to be taken private for $6.2 billion. take private deal this monday morning. stuart: datto or datto. lauren: i would say date toe but i cannot confirm that. stuart: look at this headline in "the new york times." disagreement in delay, how infighting over the border divided the white house. very important article about immigration. take me threw it. lauren: it is so detailed, a lengthy article, the anxiety democrats feel politically if title 42 is lifted next month. one example from the article in the "times." health and human services secretary becerra, said maybe we should turn away older teenagers

because the shelters are overcrowded. others on the administration said you can't do that, that is inhumane. ron klain chief of staff had to intervene that is the thing. president biden campaigned on being unifier-in-chief, right? but border is his most divisive issue. he ran on working with republicans. that is not happening. he is alienating democrats. progressives want wide open borders. 11 democrats they want title 42 stay. sure you have lawmakers from the border, texas and arizona. look senator hassan, there from new hampshire. she just went to the border. so the party is at odds. do they lift title 42 but keep remain in mexico intact? they can't get rid of all of it or can they? because what would happen to them politically if they do? stuart: absolutely. let's bring in tom homan, former acting i.c.e. director. tom, i don't see them lifting title 42 because the result would be such chaos right at the

border, right before the midterms. what do you say? >> i think they're going to do it. i think the progressive left owns the white house and they got a lot of immigration advocates not only in the white house but the department of homeland security. look, i don't want to see it either, it will cause mass migration. truly a cdc requirement, they think the country turned the corner, medical experts are saying we don't need title 42. let me say this. let's say they lift title 42 will cause a surge at the border like we've never seen before. the secretary needs to step up, put remain in mexico full throttlings like the trump administration. that would control some of the numbers but they're not going to do it. we've talked about this for a year. this administration hasn't done one single thing to slow the flow. every time the secretary talks it is another magnet for people to come. being in the country illegally

is not enough to be arrested by i.c.e. i.c.e. can't do worksite enforcement operations anymore. number one reason come to the country, to get a job. now they can't get arrested because i.c.e. can't step on worksite. the secretary, messaging, amnesty, the daca fix. now he is saying claim asylum you won't have to see a judge. you can talk to a cif official on the border, they will make the determination. there is no adversary process anymore. they keep piling on the giveaways, that is why people are coming. stuart: tom, get your reaction to this. this is texas lieutenant governor dan patrick weighing in on the consequences of the border crisis. roll tape, please. >> by the end of the first term of joe biden nearly 20% of all-americans will be here illegally. that means in joe biden's first term, in his first term we will have more people come into america illegally than we have in the entire state of texas.

there are 29 million people in texas. joe biden is going to let in about 30 million people in his first term. stuart: tom, that is really extraordinary and it amounts i like to be able to use the word invasion. you're not supposed to use that word at the moment because it is too strong, pejorative, that kind of number arrives on the southern border i think that use of the world is legitimate. central america relocating en masse to north america. >> absolutely. i think it is an invasion. we're seeing numbers, stuart, i never certain in my career. i've done it for almost 35 years. but in addition to the millions coming in, here's what the biggest concern should be and no one is talking about it, last month, 67,000 aliens crossed the border that weren't arrested. they weren't fingerprinted, no biographical information, no vetting because they got away. call them got-aways.

67,000 people entered the country last month. we don't know who the hell they are. if you extrapolate over here, talking about 800,000 got aways. first year under biden it was 600,000 got-aways. 1.4 million people entered the country, we don't know who they are, because they weren't arrested. that is a national security concern. after 9/11 we put all the processes in place. you can't get a plane ticket. you can't get a visa until you get vetted. run through all the different databases including dod intelligence database. if there is any derogatory information on you, not getting visa, not getting a plane ticket. however our southwest border is wide open where 67,000 people entered the country we don't know who the hell we are. this is national security crisis of immense proportions that no one is talking about. how many known, suspected terrorists entered the country illegally last year? i don't know. if anybody thinks that zero percent of 67,000 people didn't come from a country that is

hosts terrorist activities or sponsored terrorism, then they're ignorant. don't tell me none of the 67,000 came to this country to do us harm. that should scare the hell out of everybody. stuart: it does to many of us. tom homan, thank you very much for being here. i do hope you can come back soon because i want to see how the title 42 thing works out the end of may. i still don't think they will drop it. i can't see it. tom, thanks a lot. dr. fauci now says it should be up to you to determine your own covid risk. watch this. >> we're going to see that each individual is going to have to make their calculation of the amount of risk that they want to take. we'll going to have to live with some degree of virus in the community. stuart: okay. we've been saying this all along. give us back our own freedom of choice in covid. dr. marc siegel will react later in the show.

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♪. >> scheffler outshines them all at augusta. [cheering] stuart: howthat? he is 25 years old, scottie scheffler making history at the masters. ashley, this is your story. >> yes. stuart: walk us through the win. ashley: i watched every second. it was great. scheffler never waivered during the final round in augusta even though it was sunday with all the history on the line but what

you would expect from the world's number one ranked player, cool, calm collected as those around him fell away. despite a double bogey on 18. scheffler finished the tournament 10-under par, three shots ahead of rory mcilroy who fired an incredible 64. he banked a record payout of $2.7 million. how hot is he right now? well yesterday's big win was his fourth victory on tour this season in just a 57-day span. he is hot. stuart: yeah. talk to me about tiger. i know he made the cut. ashley: yeah. stuart: go through his comeback for us. ashley: yeah. he did remarkably well. let's face it for someone who was seriously injured in a car 14 months ago that nearly took one of his legs. no doubt woods struggled in the final two rounds, shooting 78s

on both days, 13 over par, 47th place. that the highest score of his 24 appearances as a professional the at the masters. that wasn't the point. he received a stand ovation on the 1 8th green. fans glad to see him back as his limp became more pronounced over the hilly course. he plans to play in scotland in july. the home of golf will be very happy to see him too. stuart: i was joined by todd brock. he owns tiger woods irons from tiger slam. he was auctioning the clubs off. he was on the show on friday. at the time the clubs were going for 900,000 bucks. that was friday. you know the number. what did they ultimately sell for? ashley: absolutely incredible. $5,156,162, golden age auctions to a bidder by the way who has

not been identified. it shatters the previous record for golf memorabilia held by horton smith's green jacket sold for 682,000. todd brock, the private equity investor from houston bought the clubs woods used to win four majors in a row from 2000, to 2001. he paid over $57,000 for them. he told "varney & company" last friday hoped it was a good investment. take a listen. >> i love them go as high as they can go. i think, this is like 100-year investment. tiger's legacy will live forever. thereby far highest grossing golf memorabilia in the history of golf memorabilia. ashley: yeah, it was a good investment. he was absolutely right. a profit of just over $5.1 million. the previous owner of the clubs submitted to a polygraph test to

prove the irons were authentic. stuart: he bought them $57,000 in 2010. he sold them off for five million. i would call that a good investment. ashley: i would. stuart: thanks, ash. florida governor ron desantis received a rock star at the ufc event. he raked in cash. we'll tell you about it. elon musk turns down an offer to join twitter's board. we have the latest on musk's moves next. ♪. you can't buy love. happiness. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. ♪ ♪

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♪. stuart: all right, the market shill shows an enormous amount of red ink for the nasdaq composite. it is down 12.81.8%. significant loss, down 250 points. the main reason, a sharp rise in interest rates, 2.76%. less than a week after saying yes to a board seat at twitter, elon musk changed his mind. kelly o'grady has the story. tell me about musk's twitter rant over the weekend, please?

reporter: absolutely, stuart. what a roller-coaster. as per usual elon was very vocal on twitter. he had a lot of suggestions everything from removing the w in twitter, you leave that to your imagination what it would pronounce making the headquarters a homeless shelter. now see para agriwall shared the news, that biggest shareholder which musk is declined it. with the move the musk is no longer beholden to the 14.9% ownership restriction came with board membership. he tweeted out a letter sent to twitter employees. i believe this is for the best. we have, always value input from our shareholders whether on our board or not. when responded musk tweeted a shocked emoji face since has been deleted. it may have been limited to oversight rather than policy or perhaps a agreement could not be reached on musk's tweeting

etiquette. i mentioned that at the top. banning advertising. twitter headquarters into a homeless shelter. nearly all of that has been deleted save this query here whether the social platform is dying. sec filing from the weekend shows musk is keeping his options open stating he can quote, acquire additional shares of common stock. the reporting person may express his view to the board. stuart: issuers, management team or public through social media which he certainly already does. the question will he got for a hostile takeover. musk is not particularly liquid. would have to sell a bunch of tesla stock to team up with another activist investor. the actions made the stock more pricey when he originally purchased the stakes. the only message he left from the weekend's tirade questioned whether twitter is dying? stuart: good question. kelly, thank you very much indeed. i will put an op-ed title up on

the screen. elon musk free speech absolutist, may be trump's twitter ticket. joe concha wrote it. joe concha joins me now. do you think musk is trump's ticket back on to twitter? >> based on elon musk's own words, stu, right? he calls himself a free speech absolutist. he put up a poll not too long ago asking, hey, does twitter embrace free speech? 70% of people responding said no. he goes out to buy all the stock of twitter, 2.$64 billion worth this year alone. i don't want to be on the board anymore that, as kelly reported that doesn't limit his stake in the company. he will own that thing out right. stuart: if he owns it outright, wants influence and free speech, at some point you have to say no, you cannot say that on twitter. >> right. stuart: he has to be a censor at some point. everybody does. same problem for everybody of the, trying to run a social network, isn't it? >> just so hard.

when you have millions upon millions of people posting billions upon billions of messages, how do you police that? where do you draw the line? i understand what you're saying you have to have standards, as far as trump is concerned, him coming back. he has a venture true social. you know how many times trump posted on true social? once. stuart: that's it? >> you would think bring attention to it, would use his own platform. stuart: is it a failure? >> i think. two major executives left. not a lot of people are talking about it. there is not a lot of buzz. i don't think this thing lasts very long. if trump wants to run for president, twitter is way to communicate, get around what he calls the media buffer. stuart: musk may be a gatekeeper that allows trump back on twitter. i got that. >> you know what the most delicious part about it? stuart: tell me. >> elon musk is the electric car guy. liberals loved him. now he is a threat to democracy because he wants more people to have free speech. stuart: think about it. the electric car guy.

he is tunneling guy. all kinds of guys. now social media guy. >> gordon gekko, doesn't pay takeses, evil. kept the environment cleaner. go figure. stuart: while you were at home this weekend i bet you saw boris johnson walking through the streets of kyiv. i thought it was a terrific public relations coup for him and the ukrainians. what do you say? >> churchhill during the blitz. you don't remember, you were not born at the time, churchhill through the blitz walking through london. boris johnson walking through kyiv. where is joe biden? somewhere in delaware. stuart: do you think he would go? >> no. owe doesn't like to work very much. man, i'm basing it on his schedule every day. my kindergartener works harder at this point. doesn't look like he is putting the effort in. stuart: strong stuff, joe. it's a monday. thanks, mr. concha. florida governor desantis running for a second term. he raised a ton of money if i'm

not mistaken, lauren. how much? lauren: $100 million this year alone. that war chest speaks to the pope late beyond florida and could be transferred to a potential 2024 presidential run, which he hasn't spoken much about. grand entrance at the ufc fight this weekend? that was a prizefighter's welcome. it was nice. stuart: yeah. lauren: when you mentioned desantis, everyone automatically thinks what about president trump? because that is the kind of welcome at the rallies that the former president got. his war chest, for trump is $110 million. they are neck-and-neck. stuart: neck-and-neck. okay. lauren: quickly? stuart: sorry? bring him in. >> may have been talking during the break. lauren asked me do you think desantis runs. i said yeah. if trump runs against trump? desantis runs against trump, gets nomination and wins. younger, more disciplined.

polished. see the reception there. ron desantis is the biggest threat to donald trump. not joe biden or any democrat. stuart: april 11th on video tape. remarkable forecast on joe concha sitting next to me in the studio in new york. fine stuff, joe. >> thank you. stuart: still ahead, dan hoffman, steve forbes, todd piro. dr. marc siegel. free states perform much better than restrictive states during the pandemic that has been obvious for sometime. now the national bureau of economic research spells it out. republican states good. democrat states not. that is "my take." it is next. ♪. throughout history i've observed markets shaped by the intentional and unforeseeable. for investors who can navigate this landscape,

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>> i think elon musk is a great benefit to free speech in twitter. they want us on the popper but don't want our ideas, that doesn't work very well. >> elon musk figuratively is going to bring twitter to the ground or he is going to turn this sinking ship. >> it is not about things, the only issue if there to aggressively then they'll crash the economy. >> recession is on the table but it may not necessarily be a knockout threat out. >> we are making schools safer, we've been leading on this for the last year i'm so excited to

see the last of the nation recognize that parents matter when it comes to the kids education one of the great responsibilities ever virginia governor. ♪ >> bts, who is that. >> your favorite band were going to see them this summer, the three of us. >> here we go 11:00 o'clock eastern time it is monday april the 11th. the idea of me going to a concert. a lot of red especially the nasdaq down 1.79%, down 244 points. show me the price of oil down to $95 per barrel that has a lot to do with the shanghai lockdown across china, the lockdowns that is a heavy reduction of the demand for oil and that means

the price has gone down and the international market, the ten year treasury yield, 2.75%. that is up to seven days interboro, that is why big tech is selling also sharply this morning. the new york fed just released their survey of consumer expectation, what are they expecting. >> inflation, inflation one year from now they find 6.6%, one year from now is the highest ever in the survey and here's the problem wage inflation should remain flat at 3% one year from now. you're still underwater, that is the feeling, things cost more and you spend more in your wages can't keep up. stuart: our viewer should watch out for tomorrow morning 830 eastern time we will be all over, they will get consumer price index numbers we are likely to see a consumer price inflation rate in excess of 8%. >> the hyacinth general 1982. stuart: i would like to see what

happens to the market when that is reported 830 tomorrow morning we will be here to recover it for you. the verdict is in, free states perform much better than restrictive states during the pandemic. that has been obvious for some time, the national bureau of economic research really spells it out. these free states with the big winners in terms of education, economic and healthcare their opening policies were successful freedom without medical disaster, nine of the ten are run by republican governors. i was hoping we would get a list of them on the screen. i wish we would've done that. but we did have the list of the ten winners from t pandemic. the people in restrictive states, i wish i had a list from you in restrictive states, they were the big losers, these are mostly big democrat run states, the worst of the worst is new jersey, closely followed by new

york, california and illinois, 100 million americans in the state have to suffer prolonged restrictions and close schools, out of all those people we were told to hunker down or else. florida governor desantis who is reviled for opening up he was called governor death sentence, who is entered laughing now. across the board they bungled the pin dimmick they seem eager to shut the businesses for the democrat president good the teachers union and ruin public education especially on the big cities in the democrat run cdc has fiercely damaged pandemic management the future. the election is seven months away. inflation of the big domestic issues but i would add the pandemic because we should have the chance to pass judgment on the way it was handled i think it is another losing issue for the democrats. the third hour of "varney" start right now. ♪

>> i really want to see the graphic on the screen please. i want to see the ten worst performers during the pandemic and the ten best performers. we have the list? these are the worst that he believed the pandemic. new jersey, d.c., new york, new mexico, california. that is the list i want to see. we now have solid evidence that three states one in restrictive states lost. does that surprise you? >> it is not in the least. we need to give allstate the benefit of the doubt in the early going. we were alerting the pandemic together. at some point when we saw what was working and what wasn't working why did the states that you just showed on your screen -- on the restrictive policies when we saw they were not working. it was about power and control

another dealing with the consequences. >> they did not perform well, that is the fact. a panel on msnbc meet the press slammed the democrats messaging. watch this. >> republicans are winning the culture wars in this country. >> democrats haven't found any way. >> i think democrats are on their heels particularly when it came to schools and covid and mask requirements. they have not figured out how to message around this. >> this is why democrats are losing their working-class voters, latino voters because they seem so disconnected. >> that is an endless series of complaints of why were not doing well preview thing the democrats can pivot. >> i don't think they could do anything that what they're doing now. what they're doing now is not working. the reason is not working they are focused on the messaging. this goes well beyond the messaging. free advice for the democrats stop giving the people what they

don't want, nobody wants the culture war side that you are taking is democrats. the majority of the american people are not with you. stop saying that the messaging problem, nobody wants to teach their kids in kindergarten about the birds and the bees and all that goes along with it. people want to be safe in their communities they don't want to defend the police, to hear this talk that is about messaging, no it's about the policy, putting lipstick on a pig, changer policy and the people will follow suit. >> they cannot change the policies, the democrat party is run by the hard left. you cannot switch and not suddenly dump your ideas on climate and go for oil production. you cannot do that you cannot dump your ideas on education and go for parents right you cannot do that because the left will not let you. >> this is what happens with the 1% of the 1% on twitter. here's a thought majority rule, go with the majority read we kind of know what were talking about.

>> able modifier to get out there today. thank you very much for the probability of a recession on the rise, that is according to economists surveyed by the wall street journal. the chance of recession in the next 12 months but at 28% in january into january 28%. steve forbes with me now, do you see a recession coming this year or next year. >> the answer is yes, whether it's an official recession where we have two quarters in a row, who knows but the economy is going to decline. two principal reasons one is divided administration still continuing bad policies on regulation and the like and the federal reserve does not know how to fight inflation and rapidly raising interest rates with the mortgage market. when you have incompetence plus incompetence you get a troubled economy. unnecessarily. >> were good is the 8% consumer price inflation when the news is announced tomorrow morning. we already have rising interest

rates, rising inflation and it would see like were on target for stagflation, wouldn't you say? >> you and i both remember in the 1970s what happened then. yet rising prices and a stagnant economy. economists then an economist today said that cannot happen pretty get one of the other the high inflation and low unemployment or high and appointment and low inflation they are on the path to do both. thankfully a tight labor market so we will not have those rates in the 1970s but the economy not performing potential. from day one joe biden assigned over 77 executive orders composing more restrictions on the economy. we see on the energy side one side they say produce more in the other side we want to put you out of business. stuart: on the other side of the coin we have white house press secretary jen psaki touting economic recovery. watch this.

>> the u.s. government economic team feels the economy has a very strong basis, recovery has been incredibly strong on most measures. >> a strong recovery on most measures read what do you say to that? >> the economy was recovering from an artificial lockdown we slam the economy against the wall. what is remarkable the economy was not allowed to recover faster because of the policies put in by the biden administration. in terms of most measures people see prices rising faster than their wages. they see their mortgage payments going up and that will hurt business investment, that kind of environment. they think that is good wait till the number of elections and see the voters verdict. stuart: we think we know what is going to be only time will tell. seven months ago and we will find out. steve forbes you're all right. now this elon musk declined an

invitation to join twitter's board of directors that opens the door for elon musk to buy the social media site if he wanted to we will get into that. and then there is the son recession wormer treasury secretary larry summers says a recession is not guaranteed. rotate. >> nothing is inevitable or certain in economics. >> cases there is a way to avoid recession we will get into that as well president zelenskyy says tens of thousands of people have been killed and mariupol and also warning of intense week ahead. alex hogan will report from ukraine after this. ♪

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ask your dermatologist stuart: plenty of red ink it is getting worse the nasdaq down to 50 dow jones 200 s&p down 55 for the biggest losses the nasdaq down 1.8%. some stocks are moving significantly. we wanted a wife doordash is down 4%. >> it is interesting they launched -- cash for college students a subscription service chicken wings that night and other things that college kids what $5 a month or half the price. the stock is down 4%. stuart: i will not express the problem. >> downgraded j.p. morgan to neutral, there are concerns over the economic outlook for the economy not just for american express this is a quote there is

increased probability of a recession and how do consumers hold up if that does happen. >> let's move on to jetblue airline ice either up-to-date holdovers and shared there's a lot of merger nonsense mergers and stuff. >> front tier and spirit jetblue upgraded and the price target unchanged from 13 all the bad news baked into the stock. they see it going up from here will people are taking vacations although the airlines are solid but the gains have come down with the market. >> i would not wish to be in the airline industry. jeff fuel, worker shortages, prices doubling. >> war and change the way you find you can't go to shanghai until the end of april. >> i will not be investing in airline stock anytime soon. you kids don't even remember.

satellite images showing an 8-mile russian convoy heading toward donbas region. another major assault. alex hogan in ukraine. >> i am at a pilgrimage site you can hear the mass taken place behind me bring this is a refugee center because the growing number of people displaced in fleeing their cities and war will likely come as russia ramped up its attack. we have new satellite footage of a convoy heading to the south and the donbas region. it expects the atrocities that we've seen to only continue following russia's appointment of a new war general referred to as the butcher of syria after his time leading russian troops against the syrian rebels during the war there, police near the

capital continue to search for the hundreds of citizens buried under the rubble. in the last 24 hours ramped up shelley in kharkiv. this is not just taking place in the city is the villages and the small neighborhoods in the nearby farms completely destroyed by shelley. russia managed to take more territory mariupol for vitamin zelenskyy worn tens of thousands of residents could have died, humanitarian groups continue their attempts to deliver aid and rescue those who have been trapped for weeks on end without food. president zelenskyy saying in the last six and half weeks about 900 schools have been destroyed and about 300 hospitals because of all of that more people continue to flee and the priest said the only place that they feel safe is within the church. stuart: we hear you and people in the background.

dan hoffman with me now. russian forces attack the donbas region will that battle decide the outcome of the work? >> i think it'll be a long war ukraine one manager major battle defending kyiv in the outlying areas forced russia to withdraw to be resupplied and refitted. now the russians led by their commanding general the commander of russians southern district to rain downhill on southern ukraine. i fear it is only going to get worse. stuart: it seems that the ukrainians are performing very well militarily. can i assume some of the weapons which we promise to send have arrived in they are in use. if we send more can we beat back the russians militarily in the donbas region?

>> i think that's exactly what we should be doing. the donbas fighting will look about like world war ii the ukrainians need different equipment and work takes they received t72 takes from the czech republic and x300 air defense but nowhere near enough and president zelenskyy his own civilians are dying in places like abuja and mariupol their pleading with the west for more. i know we provided a lot billions of dollars of military equipment but we need to do more to kyiv ukraine in the fight. after the russian ambassador aleksandr dvornikov by providing this military assistance in risking the direct conflict between the u.s. and russia but divided the administration has emphasized they want to avoid. stuart: for zelenskyy says russia is targeting all of europe with its aggression. i don't know what that means, do you know? >> i think it's absolutely true

biden administration has pledged to defend every inch of nato member territory but it is the ukrainians on the front line fighting for freedom, liberty and democracy. if russia takes ukraine then the next place russia is looking might be the baltics or nato member states. i think that is the concern. stuart: the russians are not going to take ukraine their losing in ukraine treat if we give them the right equipment ukrainians could run the matter ukraine, that is a possibility isn't it? >> is a possibility but is dependent upon the administration. our administration not to use prime minister's words and go on wobbling keeping ukraine in the fight and not allowing vladimir putin to deter us from providing ukrainian military equipment and supplies that they need not to mention humanitarian assistance. the battle for ukraine is there

to be one the question what we do enough to support ukraine to accomplish that mission. >> if we keep on with this line of approach there are more and more civilians in ukraine that will get killed for that is unconscionable. >> yes viewers will recall general malaise testimony he said he might expect the war would continue for a year i don't know how we can morally and ethically can allow that happen. how much were maternity ward should be bombed. this should be brought to conclusion as soon as possible with ukrainian victory. that has got to be our policy and we have to backup the policy with action. >> quit being afraid of food, that is a personal opinion on my part. you really do know what you're talking about. thank you for being with us. thanks a lot interesting incident in new york city tourist in the city running for their lives after huge bang was heard in times square.

that was this weekend, monday morning, steps from where we were rocking times square sending people scribbling last night. >> what is it . >> i heard something. >> it turns out the explosions were caused by multiple manhole fires near west 43rd between seventh and eighth an area that is so packed with tourism most hours firefighters carbon monoxide doubles in the area, no injuries but you hear what sounds like a bomb quite frankly and times square in your natural instinct based upon life, you worry about terrorism and things like that he will get out of

there speed what happened yesterday in new york city. on the streets. extraordinary stuff. shanghai just started easing some restrictions after a two-week lockdown but now another chinese city is shutting down schools because of covid the supply chain problem is getting worse, a real threat, the verdict is in free states perform much better than restrictive states, stephen moore one of the guys behind the research that revealed this. stephen is next. ♪ usaa is made for the safe pilots. for mac. who can come to a stop with barely a bobble.

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stuart: ray davis, the original headbangers. this goes back 50 years. do you want to know what you're looking at, that is in florida perfect weather, 73 degrees in early early spring. if you like the music that we play don't forget to follow us

on spotify search "varney & company", you can get all the music that we play every week. the markets regrettably on the downside, significantly so, the dow is down 200, the nasdaq down to 50, s&p down 55, that is a selloff. we've been talking all morning about elon musk changing his mind in turning down the offer to join the board of directors. susan is back, anything new on this? >> you were ahead bangor in your day, weren't you. the audience didn't get to see some of the moves when the kinks were playing over the beautiful florida sunshine. >> if we recorded what we do during the commercial breaks and replayed it. >> the ratings will go straight to the roof. >> i think we will be sued as well. stuart: continue the elon musk story. >> twitter had a fantastic rally last week when the news broke the elon musk was the largest shareholder 9% plus and these are the best three day rallies for the stock since 2013 ipl,

35% three sessions. now i think you have to come to the realization, you will have no elon musk, no jack dorsey on twitter 11 member board, dorsey stepping out in a month's time. most people actually believe that elon musk, he said i accept this board but then there was a wrangling that took place over the weekend for the stake has been a massive january, the conversations have been going on joining the board for some time, there are certain rules but they said elon musk had to adhere to if he is going to join twitter's board, you know how elon musk likes his free speech into tweet whatever he likes. it was interesting when you saw the twitter tirade over the weekend. he threatened to turn twitter hq into a homeless shelter, he also asked twitter dying for the top celebrity accounts haven't really use the platform for a long time also criticizing the subscription service in the twitter blue program was paid

for for a month should be cheaper, why are there ads can he accept dogecoin instead of dollars in your movie the w from the twitter name. stuart: it's a badly managed company. if he leaves or does whatever and does not take control of the company i don't see where the company goes. >> $2 billion, where the c-span2 billion dollars doing. >> he bought 73 million shares of twitter. >> why, what is the motivation. i was taken about this, to begin dollars is not nothing for the richest man on the planet worth $200 billion. maybe that is a different calculus. i still think this is a way to get a cut of the action like this one of the most influential platform users with 81 million. have any people actually use twitter yield after hundred 70 million daily active users. it is a media ecosystem. nobody else besides journalist use twitter. i think he wanted the action if

he is providing a lot of the traffic that was going through. maybe it's a distraction for tesla. stuart: there you go a distraction for tesla. their shanghai factories close for a bit in trouble elsewhere. i would like to know what is going to do, up to $46. apple, set the date for the developers conference. >> this was announced last week. stuart: is it going to be virtual or real and does it matter? >> june 6 is the developers conference, virtual for the third year in a row. >> what is wrong with them? >> do you know how long it takes to plan an apple event months and weeks. the fact that we have rising covid cases, they do not want to cancel this last-minute. maybe we will see, the big launch in september with iphone, this is a good test run because they are offering some in person sessions for developers and you can gather together the actual event itself where they introduce new

software and the hardware launches it is just interesting. >> it is just terrifying. >> i don't currently think so. >> i think so. >> let's get back to the study newark, new jersey, california were among the worst dates when it came to handling the pandemic. the study compared performers on the economy, education and work talented of joining the pandemic. stephen moore with us this morning cofounder to unleash prosperity the organization behind this wonderful study. what surprised you most about the study. >> i think the big take away, we looked at the 50 states. as you know states use varying strategies dealing with covid where you are in new york and new jersey and connecticut and things like that completely shut down the economy in the school. then you have florida and states like iowa and nebraska and south

dakota that remain largely open. what we found in the study i hope this is the take away because we are going to have other variants of covid and we will have other viruses in the future. the big take away the lockdown strategy was pretty much a total failure it did not stop the spread of the virus states that remained open did not have higher death rates than states that shut down but what happened in the shut down states like new york illinois and california and new jersey severe damage to the economy they had persistently high unemployment and they had a big reduction in their output as a share of the national average. i would say the biggest mistake of all which we talked a lot about was shutting down schools, there was never any rationale the school shut down did not keep children safe but it did do

severe damage to the academic development. >> it really did in your study shows it. one more thing former treasury secretary larry summers says a recession is not guaranteed. rotate. >> nothing is inevitable or certain in economics perhaps we will be fortunate and rapid adjustments in commodity prices and other bottlenecks that will make that not happen. stuart: we will see but i wanted to what do you think, do you think we can avoid a recession. >> i do i think we can avoid it and we have to stop doing stupid things in washington. the key to avoiding a recession in the continuing surge of inflation is to make sure the build back better bill remains dead and it does not come back. i know in the same interview larry summers was asked sheena raise taxes on the rich and i

cannot quite understand his answer but he said it would not be a terrible thing to do trade why would we want to tax the people who are producing things in the economy. if you tax something you get less of it. you would reduce the supply of goods and services and that would mean higher prices. we got avoid the mistakes that we made there is too much spending into much taxes and the economy and the best thing we can do right now if i were advising this president i would say cut government spending right now as quickly and rapidly as possible. >> that is absolutely not going to happen. >> you know and i know it. >> that would be the best solution. we will get another inflation report tomorrow. >> in the next couple days. >> i think we will get a worse report. >> i'm sorry i'm out of time 8.3% consumer price inflation

tomorrow morning. we will see you later. very interesting story developing here. a driverless car gets pulled over by police and starts driving away. the cars owner claims the car did the right thing. we have the story, dr. fauci said it's time for all of us to assess our own covid risk, isn't that what we've been saying the last couple of years. doctor marc siegel on that next. ♪ you can't buy love. happiness. or confidence. but you can invest in them.

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shanghai lockdown. you've been following the story, take me through it. >> this is what it's come to my desperate shanghai residents of district lockdown over covid-19 outbreak. protesting food shortages that we want supply from their apartments. more food footage showing people banging pots on balconies struggling with security personnel and medical staff while a drone appears to warn residents to stop their complaining. shanghai's 26 million residents have been confined at home since last week, the strict rules mean quarantined residents have to order delivery were weight for government drop-off we always highlight that issue when you're in a communist country, you get what the government gives you that is why it's not a situation you want to be in. stuart: the broader picture the supply chain is a big interruption because of the china problem. dr. fauci, he now says it is up to individuals to calculate

their own covid risks. rotate. >> this is awkward to be eradicated in the stock would be eliminated. we are going to see each individual to make the calculation of the amount of risk they want to take we are at that point many respects she is correct that we will have to live with some degree of virus in the community. >> doctor siegel joins us again this morning, this is what we've been saying all along, let me decide my own level of covid risks. what do you say. >> we've been saying that over the last few months, the probably the government approach and dr. fauci's approaches, red light, green light, red light you cannot do it then, you lockdown tremendous cost, economic cost, cost to mental and physical health, now the greenlight everybody can huddle together without a mask spreading covid. what he is saying it is time to live with this it was apparent

months ago especially when omicron cayman and gave us wasabi today across the country. let's compare that to shanghai which he was just talking about. in shanghai with a 0 covid strategy there is a virgin population that never got covid. there getting slammed with omicron in a terrible vaccine and they're trying to box out again. we have the ability from omicron and the vaccination. with never the united states, the government has never acknowledged natural beauty that is another mistake. that is why we are seeing so much mild cases right now. we have to acknowledge that too much fear mongering and divided the country dramatically and now everybody does not listen to what the government says. stuart: i don't want to be a fear mongering but more than 31000 new covid cases reported in the united states on sunday, that is up 3% over the last two weeks. is this a new wave?

>> is a new speedbump or minor wave because the ba.2 subarea is different and people will have a high covid or don't have the vaccine and those who had omicron ba1 are not going to get ba.2 if they had recently. ba.2's seems to be much milder. we have treatments and i'm able to order paxlovid. i found i get it. if you have a rapid test that is positive i given antiviral and decrease your risk of going to the hospital. that is the decoupling effects. we are getting there milder milder cases we are coming out of the pandemic when he says we have to live with this i agree but we decided that months ago and he should've decided that months ago as well. stuart: we will leave it right there, see you again soon. a quick sense of the market, not good, the dow 30, two thirds are in the red and the dow is down 130 points.

the average price of a domestic plane ticket, $330 that is the highest price in the decade. will have a report from new jersey next. ♪ liberty mutual customizes your car insurance so you only pay for whatchya... line? need. liberty biberty— cut. liberty... are we married to mutual? only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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stuart: look at this that is a flying motorcycle. it flies to 50 miles an hour made by a japanese startup company that might go public in tokyo the bikes are available for preorder, $777,000. it looks cool. now this the average cost for an airline ticket has reached $330. madison all worked at newark airport, what are the travelers saying about these ticket prices anybody canceling trips? >> not the airport for all the people showing up are getting ready for their flights. they are concerned about summer travel because it's only going to get more extensive and has not slowed down travelers and demand is outpacing supply,

jetblue announcing that they will cancel certain routes the summer over 300 flies this weekend. they cannot keep up with staffing without demand even though prices are up people are definitely flying. taking a look at the price increases within a 40% increase from the beginning of the year to right now, part of that is driven by consumer demand people wanting to travel, another big part of that is jet fuel prices, at first hopper was expecting a 6 - 7% increase from month-to-month and instead we are looking at a 10% increase in those prices that is according to hopper, the cost of a ticket today $330 we did not think that we would hit that price until june we are seeing it now. they expect the travel to be up that jump was not expected. we are talking about a big jump, right now up 40% from the beginning of the year end estimates show it'll be 76% more

expensive this summer compared to last year all of this is making people pay big bucks to get away. >> my ticket was outrageously expensive. i came here because i wanted to enjoy the city, covid is over. >> one way from new york to orlando that was a six over layr in houston. that was the cheapest otherwise six or $700. >> post under most of the people talked about florida tickets being really extensive and were expecting the cost to go up more this summer, we will have to see if it resulted people turning away right now a full airport. >> my ticket from new york to ford and a couple of weeks time has doubled from the price that i paid three or four weeks ago. doubled how about that. >> it sounds about right. >> thank you very much, we will see later.

can you show me general motors not that this has any impact on the stock price but wanted the driverless crews cars got pulled over very interesting story. >> this is a question we all should have asked when we first heard about the driverless cars what happens with the driverless cars pulled over crews driving without the headlights get pulled over in san francisco. >> will have to watch this . >> the officer noticed there is no driver but when he walks back to his car the cruise starts up

and before stopping to get in front of a restaurant, the police car follows and officers get out and inspect the vehicle before one makes a call to the car company reportedly adding dedicated phone numbers for situations like this. the san francisco officers were ready for because that's where everything happens if this happened where i live in connecticut i don't know what would've ended like that. i'm not ready for. guess what just approaching 11:55 a.m. we know what that means. here is the monday trivia question. this is a good one. i do not have a clue what the answer is. what color were the first died easter eggs, red, green, blue, green, yellow. this is important stuff, we will have the answer right after this. ♪ it just seemed like the thing to do. but he was getting picky, and we started noticing some allergy symptoms. we heard about the farmer's dog and it was a complete transformation.

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stuart: i really just feel this was a good question. i again i have to say i haven't got a clue what the answer is. what color were the first dyed easter eggs. todd? >> i have no rational thoughts much like aoc i will go green. she has no rational thought either. stuart: you're green. yellow. red from the lady in the corner there. who won? >> i did. >> it is red. it is red. yeah, early christians in mesopotamia dyed their eggs red. it was meant to symbolize the blood of christ, the blood christ lost on the cross.

this is holy week. it is good friday on friday. easter sunday on sunday. that we threw in the question. >> very religious, takes away the fun of kids finding eggs. hey, blood. >> todd, thanks for being with us for the hour. we'll be up early, i will watching you on "fox & friends first." it starts at 4:00 in the morning tomorrow. amazing. neil, it is yours. neil: does that guy ever sleep? >> no. neil: i didn't even have to get the rest out. thank you very much, stuart, todd, good seeing you. see what is going on with twitter. the stock rebounding from earlier loss, the big news as you heard by now elon musk will not be sitting on the board. a lot of people are wondering what led to what? did he opt out because there are limitations how much he can own of the stock or he is just not a