more elegant when they're taking the trash out? what do you do when you get the trash out? because you're not going to leave an $1800 bag there for the garbage man. if you can sell things to suck orers and take the money, why not? i think this is more of a gimmick than a real product. dagen: you could buy a duffel bag at an army-navy store, that's my advice. "varney & company" starts right now. stuart, ache it away. stuart: early today, cheers on the floor of the united states senate as vice president harris cast the deciding vote to pass the inflation reduction act of 2022. it is a $739 billion tax and climate bill. it is punitive. it beats up on the democrats' favorite targets, oil companies, drug companies, fossil fuels, big corporations. it sikhs a hugely expanded -- sicks -- sikhs a hugely expanded

irs on the more than public. the midterm elections are just 91 days away. more on that coming up for you. to the markets. every monday morning investors want to see how the new week is shaping up. seems like the market is calming down a little, dare i say that? the dow industrials will open with a gain of, what, close to 200 points. nasdaq up about 90 despite the inflation reduction act of 202 #. market's up this morning. bitcoin's got a modest rally, 24,100 right now. interest rates, where are they this monomorning? the yield on the 10-year treasury, 2.80%, still well below the yield on the 2 the-year. gas creeping lower, down just one cent overnight, and a majority of states are now below $4. diesel averages $5.14 and that's down. again, the momentum is slowing down. it was down just one cent overnight. and hen we have former president trump, oh, is he making waves.

a straw poll at the c spac conference puts him -- cpac program puts him way out many front, 679 trump, 23%, desantis. senator lindsey graham says if the if he wants to be president in 2024, trump should not rehash the 2020 election. got it? few developments in the taiwan crisis. aggressive chinese military exercises surround the island. it was supposed to have ended, they've not, they have been extended, and there will be exercises near the korean peninsula as well. been a dreadful travel weekend. 14,500 delays, and there are extensive disruptions at the airports again today. staff shortages, bad weather to blame. ashley webster reports from the airport in orlando. one last one, 40 years ago week the dow stood at 776. i'll repeat that, 776. that was august the 12th, 40

years ago. it hit 36,800 in january of this year. it's been a terrific run, right? is it over? don't know but we'll cover it. monday, august the 8th, 2032. "varney & company" is about to to begin -- 2022. ♪ yes, yes you had to be a big shot, didn't ya? ♪ you had to prove it to to the crowd. ♪ you had to be a big shot, didn't ya? ♪ all your friends were so knocked out ♪♪ [cheers and applause] stuart: that was it, making it official. senate democrats have, indeed, passed their sweeping tax and spending bill. i call it a tax and climate bill. good morning, lauren. lauren: good morning. happy monday. it's a $739 billion bill.

you heard the cheering because it spends $369 billion toward climate provisions. senator chuck schumer called it the boldest climate package in history. the bill helps to bring in $313 billion by taxing big corporations at 15% rates and enforcing that in part by arming the irs with $124 billion to go after tax cheats or anyone they think is not paying enough. stuart: okay. let's take a look at the markets. let's see how they're reacting to all of this, on the upside mostly this morning, this monday morning, despite this inflation act. david nicholas with me. david, i wanted you on the show early because i read your stuff, and you have a very strong opinion about this spending bill. all right, have at it. [laughter] enter stuart, in this bill has elements that that communist china could only dream of. just take the stock buybacks, for example. 1% tax on stock buybacks. 60% of americans own stock.

over 60 million americans have money in a 401(k). this doesn't just affect institutional investor, this affects mom and pop investors, the middle class. and it really just ticks me off because they couldn't get their corporate tax bill done, so they came up with this 15% book tax on corporate earnings. so this is going to affect hundreds of the largest u.s. companies. take companies like nvidia, ford, amazon, they're all going to pay more in taxes because of this bill, stuart. stuart: o.k.. so why has the market this monday morning getting news that the bill has passed, why is the market up today? >> well, wall street generally loves free, cheap money, stuart. they know that the coffers are open now in washington d.c. this money's going to come flowing in to companies, but it's going to skew incentives long term. it may be good for wall street in the short term, but it's bad for the middle class. so i think we're going to see stocks sell off because if this does get passed in the house,

it's going to go to the president's desk, it probably will get done. i think when it finally gets passed and corporations realize, wait a second, if my tax the rate goes up 30%, what's going to happen? corporations are going to do everything to make sure that their earnings don't drop, so they're going to have to raise prices on their products, on their services, so the middle class pays more. markets are up today, stuart, but let's not get too comfortable. we'll see how thing plays out. stuart: all right, david, we hear you. thank you for joining us. hook who's here now, lawrence jones, the man himself. he's with us this monday morning. >> morning, brother. stuart: you're all over the country. that's what you do for a living. every now and then you come back to new york. what do can people say about this anti-inflation, the inflation reduction act? >> well, you know, the bill just passed. i haven't had the ton opportunity to test the temperature -- stuart: true. you knew it was bad. >> i knew that it was coming, and i knew that americans were

struggling. we already know this is only going to make it worse for the pl acamenplne.plplplidn'id wt fo scorscor t t toomoo itith j joe j min 's gng me m m mseor fo the acamen amen ame ameple.el when youen you y y3% ofrins coin t teal eal roliticol saying that they belief the administration -- believe that the administration is on the wrong track and they decide to double down, i just hist going to infuriate average day americans because it's not going to releave any of the pain that's being -- relieve any of the pain that's being caused. and i think they're saying why isn't the white house listening to us? stuart: is that what they're saying? one thing the that really annoys me that i just picked up on is we're going to spend $370 billion on climate. an enormous amount of money. at the same time, just as that was happening, the chinese say -- [laughter] we're pulling out of all climate negotiations. so they continue to pollute, if i can use that word, and we've

got to sacrifice by spending money which we don't have. >> i think most americans would say if we could help climate right now and everyone else in the world is sharing the in the cost as well, i think they would be more compelled. the second hinge on this, stu, we're doing all of this, are you going to help with the gas prices? i think that's what average day americans -- look, we all believe we should be good stewards of the environment, but we've got to be the all in together, and we're not. much like the pandemic measures where, you know, they tell the little people or who they classify as the little people, you do your part, but all the millionaires and billionaires, they get to tear take private -- their private jet, the lobbyists and the politicians as well, but the pain and suffering is on the american people. i don't think they take too kindly to it. tooth institute i want to turn to president trump. senator lindsay graham offering advice to the president. >> if he runs for president,

talking about 200 is not what people -- 2020 the is not what people want to hear. he likes hearing it, but people want to hear about how can you secure a broken border, stop rampant crime, how can you get the economy back on it feet? i'm telling president trump you want to be president again in 2024, focus on solving the problems americans are living with. stuart: you hearing that too, don't focus on 2020? >> listen, the former commander in chief can do whatever the hell he wants, he's not going to take any advice from people. we know we he's strong-willed. what people liked about the former president when he was running for office the first time is there was a sense of him peeling their pain, right? he was the billionaire that got off of his high horse, didn't need political pressure, couldn't continue to make money, but he said, listen, i know what they're doing against you because i've been the person to buy off the politicians for years. i want to go fight for you. if he could go back to that message, remember, 56% of

americans in the past election when he ran in 2020 said he were better off under him, but they didn't the like his tone, so they voted the other way. so if the president -- what he needs to do is get back to the point where the american people loved him. stuart: yes, what are you going to do for me now? >> it can't be about him and his ego even though they know he's a strong-willed guy and he's a fighter, they like when he's fighting for them. rehashing old things, i don't think it does the country any better or the current problems that they're facing right now. election integrity is not the top issue even if you believe in the president's allegations. it's not the top issue for average day americans. stuart: lawrence jones making his mark again, for heaven sakes. >> thank you, brother, if i'm going to come in on a monday, i'm going to come in to see stuart varney. stuart: you better sit next to me. >> they lowered my seat so we could be the same level.

[laughter] stuart: wait a minute. you know the cpac conference in texas? it wrapped up. who did attendees at that conference want to run? lauren: trump at 59%. 23% said ron ron desantis of florida. ted cruz and mike pompeo just above 1%. matt schlapp says there's this unbreakable bond between trump and the conservative movement. okay. asked who are will be the democratic nominee in 2024? no one way out many front, but you have 37% saying gavin newsom, michelle obama gets 16%. and i thought it was so interesting that joe biden and hillary clinton tied at 8%. [laughter] stuart: that is fascinating. lauren: isn't that? stuart: maybe they're having a little fun out will at the cpac -- lauren: i don't think it's going to be gavin newsom. >> much deferent than the democrats -- stuart: it's a weak bench. let's check futures, please, it's monday morning. we're going to be up to start the week, green right there.

coming up, elon musk deleted his instagram account after he found himself taking too many selfies. watch this. >> instagram, it's a ghost trap. i find myself taking a lot of selfies. stuart: there must be more to that. by the way, we're going to cover that and his secret account. china has extended those military exercises around taiwan, and they've added exercises near the korean peninsula. plenty of intimidation. kf mcfarland -- kt mcfarland says two can play at that game. over 230 economists warning that the spending bill will actually make inflation worseful we'll hear from if one of them right after this. ♪ grabs all the cash and i -- ♪ ♪

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♪ if you shop at walmart, you get it. ♪ you know how to spend a little less to get a little more to make life a little better. ♪

♪ i remember every moment of those endless summer nights ♪♪ stuart: there you have it, there's the beach, seaside park, new jersey. it's 82 degrees will now. it's going to go up to about 95. i'd call that pretty good beach weather. and on the futures this monday morning, i see some green. dow's up 160, nasdaq up 43. the senate passed the inflation reduction act. it has a near $740 billion price tag, and hillary vaughn's on capitol hill for us. here's the question: how is more spending going to bring down inflation? >> reporter: stuart, some democrats think that putting price caps on things like prescriptions is going to lower some costs for everyday americans. but even some democrats admit

this isn't going to impact overall inflation. senator bernie sanders saying over the weekend that this package has, quote, a minimal impact on inflation. but senate majority leader chuck schumer his that passing bill -- thinks that passing this bill has given democrats a big win headed into the midterms. >> i i think it's going to help us in november significantly in two ways. first, the specific things we're doing that people care so much about. and second, hey, democrats even in this tough situation, polarized, 50 will have 50, can actually -- 50-50, can actually get big things done. so there we are. >> reporter: some economists predict the package will bring down inflation in the long term by paying down several hundred billion dollars of u.s. debt, but there's nothing that will bring down inflation before election day in november. republicans say more government spending is what caused this inflation, and democrats are tone deaf to pass more than $300 billion in new government spending to fight climate change. >> the democrats are banking their whole political future

this fall on the hope that america is financially illiterate. i don't think they are. i think most americans realize that if the government spends more money recklessly and unnecessarily, then that's going to lead to more inflation. so the sheer nature of the bill by saying inflation reduction is being untruthful to the american people. >> reporter: stuart, the package is paid for partly by doubling the number of irs agents on duty. they think that auditing more people is going to bring billions of dollars in revenue, but last year the irs, half of the irs audits went to people making $75 a ,000 a year and less. so people think this is really going to impact the middle class and lower, not really the billionaires that democrats claim something like that is going to go after. stuart? stuart: i think that's a fairly solid assumption, actually. hillary, thank you very much, indeed.

economist diana roth joins me now, i want you're one of -- i know you're one of the 230 economists and professors who warned about this bill. spell it out for me. first of all, why does it not affect -- why does it make inflation worse? >> stu, there are four reasons it makes inflation worse. first of all, it raises -- it spends a lot more money. it increases spending, so it raises command. sec -- demand. secondly, it doesn't reduce the deficit million around 2027. and then only if spending cuts kick in, and and everybody knows they don't usually kick in. third, it raises cost of labor because all this labor has to be performed by union firms because they are all under project labor agreement which is prevailing wages, union labor, non-union labor need not apply. and finally, electricity rates are going to go up because renewable energy costs more than

non-renewable energy, it costs more than fossil fuels. and the tax increases on utilities are just going to be passed on to the consumer through the rate-setting agencies. electricity rates are set by state utility boards. they're just going to pass on that rate increase to consumers. stuart: here's another one. the act is supposed to raise a great deal of money by doubling the size of the irs. they'll go after a lot more people. will doubling the irs, in fact, bring in as they claim $300 billion in extra revenue? >> they keep claiming that more enforcement's going to bring in more revenue, and these revenue projections never add up. it's true that the irs does need new computer systems, new digital filing systems. this is money well spent, but it's unlikely to to bring in so much more in terms of enforcement. plus, tax foundation says this is going to reduce gdp and and

cost 30,000 jobs. stuart: okay. i think we got that. diana, you just don't like this thing, do you? [laughter] thank you very much for being with us this morning. >> great to be with you. stuart: thanks a lot. some democrat senators insist the irs will not target the middle class. tell me more. lauren: well, the agency will be flush with $80 billion to hire 87,000 new agents to crack down on tax evaders. but the average joe shouldn't be scared according to these democrats. listen here. >> i think the irs is going to target highest income americans as the saying goes, that's where the money is, that's where they're going to look to collect. the idea that there's going to be army of irs agents descending on the average american is just preposterous. >> millions of americans aren't going to be impacted by that other than getting better service from the if irs, having their telephone answered, getting the questions they need in order to comply with our tax

laws. and if you paid your taxes and if you comply with our laws, you should want to make sure everyone else does that. stuart: i like that bit of answering phone. $80 billion -- lauren: 4% of the new budget will go for answering the phone and maybe upgrading some of the software. the coding that the irs uses is so old that hay don't even teach it in college courses anymore. it's going to take a while for them to upgrade all this stuff. more than half the budget goes toward end enforcement, not the stuff the really person needs when they call the irs. 1 in 50 calls are answered, but only 4% of the budget is going towards that, the services department. stuart: i'm going to move on. show me the futures, please, because it's monday morning. you want to figure out how the market's going to open. good news, looks like some green. the opening bell is next. ♪ i'm a sucker for you. ♪ say the word, and i'll go anywhere blindly. ♪ i'm a sucker for you. ♪ any road you take, you know

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>> i think so. and if you not -- you're not yet, you really want to think about it. i think about 9%, 4545 on the spx or so, stuart. stuart: in what time frame? >> i'm thinking by mid to late fall9 if the fed manages to avoid doing something stupid. we all have a political conundrum beyond anything that's already out will. fear has shifted to to fomo. everybody's gotten comfortable with the pact that powell is not volcker, and big tech has created pull rather hand push. so there's a lot of catching up to do and not just from the retail investors, but from the institutions that got caught completely flat. stuart: so what are you buying now? what will you buy today? >> funny enough, i already did. i'm a little light in tyson foods. it's like energy. it's not just about dinosaur juice or chicken like everyone thinks now, it's what they're going to do 5-10 years from now.

tyson's got a large, significant investment in synthetic food that that's going to take what we know today into some -- stuart: what are you, some kind of believer in beyond with meat? >> not necessarily. but look at it this way, if we're going to take 9 billion people, 10 billion people on the planet, traditional agriculture, there's not enough land, fertilizer or water. so we're going to haved to do the more with less. and what we're going to see is more nutritious flop that tastes better than glop we've seen before, sost going to go way beyond, real, solid stuff at a fraction of the cost. stuart: whatever you say. tell me this: why do you want to avoid meta like the plague? >> this is interesting one. number one, as you know, i don't invest in cbos that lack a moral compass. that's my personal view on mr. zuckerberg. however, there was a lawsuit filed in i think in colorado spa

specific create alleged the algorithms are knowingly inflicting -- on adolescent minds. that case presses forward, it completely changes the landscape because it will paint a very nasty picture of facebook and all its senior management and behavior. so i won't ouch that stock period -- touch that stock period. stuart: all right, keith, we we hear you. the market has now opened on this monday morning. we've opened to the up side right from the get go here. we've got the dow 30 on your screens, and they're all except for amgen, merck, intel intel and nike. the rest of them are up today. it's a strong market open. dow's up 164, exactly a half percentage point. s&p 500 up .4%, pretty solid, and the nasdaq composite is up one-third of 1%. big tech, we'll show you these right at the opening bell because this is where the money

is and sometimes the momentum is. everything's up except microsoft which is unchanged at this point, and now it's ever so slightly lower. how about tesla? i think tesla's up this morning, yes, it is, a gain of nearly 2%. all right, lauren, what is this about a $5 billion deal for nickel? lauren: well, they're going to need more batteries, and reports say they signed contracts worth about $5 billion from the if country of indonesia to supply them with nickel. look, the inflation reduction act benefits tesla, mgm more than the other automakers. you're getting a $7500 ev credit, so that's another reason the stock is up 2.5%. stuart: signify health possibly to be bought by cvs, signify health up 15. lauren: yep. cvs is looking to expand in the in-home health services category according to "the wall street journal," so that's why they would want signify health.

amazon went in and bought one medical, so they're looking for someone to expand that part of the services. m&a monday especially in health care, because pfizer is spending north of $5 million on a blood maker. now you have markets coming up and companies saying, okay, let's make some deals. stuart: find me a target, let me buy into the target and see the price go up. if only you could predict who the target is going to be. caravan that. i know the stock is up 110% just in a quarter. lauren: yep. stuart: but i've been reading that jpmorgan, they're offering a warning, and yet the stock is up this morning. lauren: the fact that it's up another 1%, he were up 40% on friday. they say they're expensive compared to some of their peers, but then they raised the price target by $10 to 35.

they say, look, there are all these investments that caravan that's making in infrastructure and networking could give it a long-term competitive advantage but not right now. they downgraded them and raised the price target. stuart: just moments ago, by the way, the dow crossed 33,000 again. how about that? palantir, that's a big decline, 7%. lauren: look, they're not going to make money until 2025. the ceo says we won't be profitable million that year. they cut their forecast. they reported a surprise loss. they do a lot of business with with the u.s. government, but the timing of some of those contracts, uncertain for them. i thought that was interesting because the commercial side of their business is booming, and they also do business with the e.u. now, you know, russia and ukraine. but it's the contract news and the not profitable for the next couple of years news that's really hammering the stock. stuart: gets you every time. the ceo says, well, we're not going to make profit for a couple of years, doesn't look

good. tyson, we heard just a few moments ago in that keith fifths likes their long-term -- fitz likes their lorm prospects. lauren: the silver lining is demand for beef. chicken volumes sell. have you ever bought a prepared food in the store? if it is so expensive. they preseason the meat for you. heir not doing well there. you're not going to buy that, you can butt adone -- put adobe on your own meat. stuart: you're right. i've lost track of vaccine stocks, but i understand we've got biontech working on two few vaccines and the stock down nearly 10%. i can't work the vaccine market out, i really can't. lauren: if you asked a rell person, are you going to get a booster shot, they say, well, will leapt me see what the next variant is. if it's bad, maybe. there are two omicron-adapted

vaccines that biontech is working on, and they say hale be available in october -- they'll be available in october. but demand has obviously been coming down can, and so is the stock. it's down 9% at moment. stuart: whether you can prove it or not, it's only anecdotal that people are not getting tested, they're not getting booster shots and the new vaccine. lauren: and the profit and the revenue for biontech both fell. so looking forward, no one's convinced about these two omicron vaccines. stuart: it's been a pretty good monday morning so far. we've only been in business on wall street for 5 minutes, but look at that, we'll take it. the dow the's up 200, just over two-thirds of 1%. who are the down leaders? boeing -- dow leaders? boeing, american express, home depot, disney. we've got a report coming up on them. all of them higher this morning. s&p 500 winners, gap, got them. freeport-mcmoran energy,

norwegian cruise lines is back in there again. and nasdaq winners, tesla right up top, okta, ebay and paypal coming back. the 10-year treasury yield, where's that? earlier it was at 2.80%, now it dropped to 2.79. the price of gold, has it reached $1800 yet? not quite, 1798. bitcoin still above $24,000 a coin. oil below $90 a barrel, 88.78 to be precise. nat gas is down quite significantly, 5% this morning. average price for a gallon of gas getting awfully close to $4 per gallon nationwide. it's actually $4.05 right now. california is still paying $5.44. coming up, are rising mortgage rates and inflation putting the brakes on the housing market? if our housing guy, mitch roschelle, takes that on for us. democrats distancing themselves from biden ahead of midterms. watch this. >> are you encouraging him to

run again? >> i'm encouraging him to focus on what's right in front of us. >> my focus is totally on this november. >> i don't want to answer that question because we have not -- that's not -- yeah, i don't want to answer that question. [laughter] stuart: that's an answer to the question, all right. even "the new york times" is warning president saying, hey, joe, don't give it a go. joe concha reacting to that later in the show. ♪ don't let me get me. ♪ i'm my own worst enemy ♪♪ you'll always remember buying your first car.

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san francisco fed president mary davy says the fed will absolutely raise rates next month. okay, that' fair enough, but by how much? lauren: she's saying 50, not 75. listen in. >> so i do see signs that the economy's cooling, it just is going to take some time for the interest rate adjustments we've made to work their way through. and we are far from done yet, that's the promise to the american people. >> so it would still be appropriate to raise rates in september by half of a percent? >> absolutely. and, you know, we need on data dependent. it could -- we need to leave our minds open. lauren: it's all about the data. we get a lot of it, really long time between the july and september meetings, and we get so much data in between. wednesday week comes the big report, cpi, consumer inflation. we were at 9 91. it's expected to come down to 8.7, but that's still high. stuart: that's an exceptionally important number. wednesday, 8:30 eastern time, yoel be reporting. -- we'll be

reporting. want to bring in our real estate guy, mitch rob shell. we've got a -- mitch roschelle is. we've got a hot market and interest rates which are higher. why does that that translate into much higher apartment rents? >> les very limited supply. so when you have a factor of higher mortgage rates meaningst probably higher to buy, people lean towards renting. when the job market's -- so they can afford rent, and inflation raises the price of everything. i went back and looked at the dynamics in the '70s, identical to what they are right now. and what happened in the '70s? rents went through the roof. so it's eerily reminiscent of the carter days. stuart: that really, that really crimps so many people. if your rent is sky high from where it used to be, you're not going to be spending the money that you used to spend. >> right. you're not going to -- discretionary spending items go by the wayside. and then people start taking second jobs just to do what?

feed themselves, food and shelter. st crazy, but that that's exactly what happened during the '70s. stuart: that's a apartment rental business. now switch to the overall housing market. can you quantify if it's actually slowing down? what number can you point me to say it really is slowing down? >> yeah. you have to look at it over time, and you have to adjust for seasonality, so we talk about existing home sales, new home sales. you're starting to see that slow. year-over-year price increases still are lifted up by, you know, the last nine months, okay? but i think you're going to see, and i wrote a piece that came out on the daily wire, an op-ed piece, that we said we're going to slam brakes on it. the problem is when you slam the brakes on something like a, you know, a big ocean liner, it doesn't stop, you know, right there in the water. that's what's happening to the housing market. it's slowing down. i think it's slowing down dramatically. but as i've said to you before, there is so much demand for housing that it's not going to cause a crash.

stuart: one of my relatives was engaged in a bidding war for an apartment, a rental apartment. not to buy it, to rent the place. there was a bidding war, and my relative lost. compared to the housing market, i have not heard of any bidding wars in the housing market for a long time, although will may be places in florida -- >> yeah. in florida les still bid -- there's still bidding wars, and there are bidding wars for apartments. kids graduating from college want to live in cities, and they're finding a rude awakening because that apartment that was maybe $3500 a year ago could be $5000 right now. stuart: can you imagine that? 5 grand. stay there, mitch, please. lauren's got this list of five most overvalued housing markets in america. okay, hold on for a second. where are these overpriced housing markets, and who says they're overpriced? lauren: moody's, and two of the five are in the state of idaho, number one being boise.

it became a hot spot during the covid lockdowns especially for technology workers. they relocated from california. moody's says boise is 73% overvalued. then you have colorado springs. that's been popular for the past decade, it's close to denver. vegas and phoenix are in will, and coeur d'alene, idaho. beautiful scenery. it's like -- it looks like sun valley to me, that that sort of reputation. they doubled the number of homes that that they built during covid, and he were still able to sell them at a 55% premium. stuart: who says that's overpriced? by -- lauren: what metric do they use? i guess they looked at what the prices were before covid, before the dislocations -- stuart: yeah, but they've overvalued, that's quite something. lauren: if a recession hits, if we come back to normal, they say prices could plunge nationally by 15-20%. stuart: okay. let's bring mitch roschelle back

in. >> i don't see that happening. i don't see prices plunging by 15-20%, and i'm going to go back to history again. if you look at 1970s, okay, from the 1970 to the mid 1980s, that 10-year period, median house prices went from just over 38,000 to about $78,000 in a 10-year period. why? because we had high inflation, it was very expensive to build a new home, and we had demand. just think about it, the baby boom was just, you know, getting going in terms of people needing homes for their families. when you have high demand, low supply, prices go up. stuart: you know, we got a great shot in the arm over the past couple of years in the housing market because the fed was printing money like there's no tomorrow. and the stock market add had gone straight up, so people were taking profits, putting them into real estate. that's not going to be repeated. >> that won't be, but what happens throughout history and i've studied this too even back to bibly biblical -- biblical times, the more uncertain the

financial climate becomes, people tend to rotate to two things, precious metals and and real estate. you're going to find les always -- there's always an an appetite for those things. stuart: back to biblical times? >> oh, yeah. you're a student of history -- [laughter] stuart: check that big board. dow's now up 237, well above 33,000, a gain of almost three-quarters of 1%. as for the dow winners, headed by walt disney. they report later week. i've got some more stuff coming up on disney in a moment. s&p winners, top of that list i- [inaudible] not sure of them. gap, caesar's. and the nasdaq composite, who's winner there? atlas january corporation. tesla, 4.7% higher, $905 a share. coming up, former president trump condemned raging crime at cpac. watch this.

>> our country is now a is cesspool of crime like it's never been before. the streets of our democrat accurate-run -- democrat-run cities are cent can. ed with the blood of victims. stuart: some are reportedly giving up pensions, it is that bad. then there's this, ford expedition, the timberline edition, is now on the road. gary gastineau has an inside look at that. ♪ ♪ yeah, let's bring it on up. ♪ yeah, -- ♪♪

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stuart: all right. ladies and gentlemen, you are about to see the new ford expedition timberline. it's right outside the building here on fox plaza. that gentleman next to it is gary gastineau. he's going to show us how this thing works. before you do, seems like detroit's designing everything to be an offroad vehicle. what do you say to that? >> yeah, you know, a generation ago sfs became more like -- suvs became more like cars, people moved into them because they were cooler than cars.

now they make up half the market, so they're not so cool anymore. now the makers are turning them back into offroaders, even crossover toes like the rav4 toyota. honda's got the new trail sport lineup, and the chevrolet trailblazer which is a subcompact suv that's to got an offed road edge now. and ford has the bronco. things like this, the expedition timberline, they also have an explorer timberline. exwe we decision very much a street machine, but now they've done to this, altering tires, lifted the suspension, even bother -- the borrowed the skid plate if the f-150 raptor that we've talked before. customers are very happy to pay a premium for this. this starts at 72 grand, the one you're looking at now is about 80, and the expedition starts at 53. and that premium goes all the way across the segmentment

toyota now makes a sienna minmy if van that's got the same deal, lifted suspense pension, some of that thenar that the suv stole from the mini minivans a quarter century ago. stuart: it works for me. like the look of it. price is a bit on the up, but i like those big tanks, i really do. thanks, gary, see you again soon. back to the market, please, the dow is now up 300 points, 302 points, and the nasdaq is close to 900. the yield on the 10-year treasury coming down this morning least to 2 the.78%. price of gold real close to $1800 an ounce. bitcoin, 24,300 now. oil, $88, no, 89 a barrel. nat gas is still could be a bit, 5, 6%. and the average price for a gallon of regular all the way down to $4.05 today. as for california, it's $5.44.

gas and diesel keep coming down, but the downside moves are slowing. still the majority of states are below $4 a gallon. still ahead for you today, mike huckabee, kt mcfarland, brad blakeman and republican ohio senate mom me j.d. vance. the 10:00 hour of "varney" is next. ♪ ♪ i may be close to retirement, but i'm as busy as ever. careful now. - thanks. -you got it. and thanks to voya, i'm confident about my future. -oh dad, the twins are now... -vegan. i know. i got 'em some of those plant burgers. . .

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♪. stuart: all right. good morning, everyone. it is 10:00 eastern. take a look at this, your money is doing well this monday morning. that is the first thing you look at. investors want to know how the week is starting out pretty good. nasdaq up close to 200 points. i call that a rally. yield on the 10-year treasury just dropping vitally. now we're down to 2.77%. price of oil, $89 a barrel. bitcoin at 24,000 and change,

and now this. they just wanted to get something, anything passed so they could go to the voters in november with something to show for two years of crisis but all the democrats got is a punitive tax and climate deal. well the democrats are exuberant front page of the morning times. thumbs up by senator schumer. op-ed, biden's remarkable summer. jubilant democrats head home with momentum. the trouble is the inflation reduction act of 2022 will not do what it claims to do. it is almost spiteful. the democrats can't get all they want so they hit on favorite targets oil companies, fossil fuels, big corporations. stick the irs on small business. they spent 370 billion which we do not have on climate subsidies. wouldn't you know it, just as we sacrifice for the climate, china pulls out of all climate

negotiations. they continue to pollute we pay. lower prices for drugs? forget it. they won't kick in for four years. did you catch democrat senator chris coons said the act will not cut inflation for at least a year. even socialist bernie sanders says the act will have a tiny impact on inflation. isn't inflation the worst problem we all face yet $700 billion worth of tax-and-spend won't help? how will that help in november if inflation stays hot? we'll find out in 91 days. second hour of "varney" just getting started. ♪. stuart: mic huckabee is the former governor of arkansas and mike huckabee joins me now. is this really a big win for president biden as the democrats hope? >> no, i think it's a big win for republicans when it all

settles out because the average american family will be hit by a 5500-dollar a year impact from this legislation. $460 a month. you know, most american families, that's a big amount of money. that is money they can't use to buy clothes for their kids, food on their table, fuel in their car, heat and cool their home. when the democrats really realize what they have done to americans they may want to blame this on donald trump like they blame everything else. stuart: on that note "the wall street journal" has an editorial today and it says, it should be a great gop year but the candidates the former president backed are struggling. senator graham says this is, they're struggling because the president won't stop focusing on the 2020 election. they talked about this before but what do you think? don't focus on 2020. look forward instead, mr. trump? >> well i think, you know, there is a reason that in the cars

that we drive there is a little bitty piece of glass called the rear view mirror. we glance at it from time to time but there is a great big piece of glass in front of us so we can see where we're going, not where we've been. when we focus too much where we've been rather than where we're going we end up having a crash because we're not paying a attention for the direction we're going. my advice to any political candidate, especially people in my own party, look forward, look into the windshield. if you can't to glance occasionally at the rear view, fine. focus on what is ahead. that is what american families are really focused on right now. stuart: let me pick up on this, governor. i'm reading between the lines a little bit here. if we don't focus on the future, and we focus on the past will the trump campaign crash the republican party? >> i don't think it will crash the republican party.

it just hinders us. what we need is a full-throated, full throttle ahead approach to saying, you put us in office and we secure the border, we bring american respect back across the world. we stop overregulating businesses. we cut taxes. we don't make it harder for you to succeed if you're a business person and we quit putting such a focus on nonsense like men giving birth and we start letting people live their lives with freedom. that is what people are dying for. they need it. they want it and if we promise to give them that it is a winning message. that is where we ought to be focused. stuart: are you hearing a lot of people in the republican party say don't look back, don't rehash 2020, look forward. most republicans are saying that? >> i think so. look, we know that there may be a election problems we need to solve. that is not saying we ignore the past. we learn from it.

we make sure we don't have the same mistakes for the future. but making sure we don't have the same mistakes is a future issue. it is not a past issue. there is nothing we can do about what has happened. we've got to, in fact a scripture in the book of phillipians, forgetting those things behind i press forward. i think that ought to be the republican message right now. forgetting things i cannot change so i can focus on the things that i absolutely must change to keep america the america we grew up with and love. stuart: yes, indeed. governor huckabee, thanks for being with us this monday. always appreciate it. see you again soon. >> my pleasure, thank you. stuart: voters weighing in on they say on a potential trump biden rematch in 2024. i don't think they want it, do they, lauren? lauren: time to move on. yahoo! news ugov poll, 40% of registered voters trump getting the second term would be worthed

thing happen. 39% of biden. there is desire for fresh blood. former u.n. ambassador first quarterky haley says maybe female blood. >> if there is it place for me, i look at craziness in the world sometimes it take as woman. margaret thatcher said if you want something done ask a man. if you want something done, ask a woman. we need, if there is a place for me, i never lost a race. i'm not going to start now. lauren: sounds like a yes. she was asked, did you speak to your donors about a 2024 run. she said no. stuart: okay. all right. lauren: we read between the lines. stuart: we, it is a rally. nasdaq up 160. dow up 256. jeff sica with me. two very important parts, consumer price index, measure of

inflation. wednesday we get disney's financial results. start with the cpi. why do you think it is so important? >> because we're still in this state of exuberance over the jobs number that came out friday. to me it's a major distraction from the cpi because a lot of those jobs were second and third jobs that people had to take on to keep up with the inflation. stuart: really? >> yes. and now what i see, now what i see with the number coming up is that it doesn't matter if people work two, three, four, jobs. if this inflation isn't kept under control the consumer is going to be more broken than they already are. so we need to see if that number declines somewhat. stuart: the important thing to watch is month-over-month. >> yes. stuart: if it declines. the rate of increase declines month over month you could say we're past peak inflation.

it is getting better. you could say that? >> that is the hope that we're past peak inflation. that gas prices have come down, have put us past it but we will have to wait and see. we can't jump that conclusion. stuart: okay. wednesday it is. 8:30 eastern time. 4:00 eastern time this afternoon you get disney's results. why is that so important? >> let's face it, stuart, disney is one of the great american iconic companies. now granted disney today is much different than disney was, that disney was back when we grew up, what it is going to show us is that here's the stock that is down 40%. and what it is going to show us is whether or not they're able to number one, get the revenue they general rate from theme parks, from people going back to theme parks, back to where it should be. that points again to the consumer, to see if people are keeping up with the rising

increasing prices. and number two, whether or not, they have a 230 million subscriber goal for streaming and they, to see if they get to that 230 million. so disney needs to show that they have turned the corner because a lot of shareholders like me are very unhappy with the direction the company has taken. stuart: the stock is up 3 1/2% as we speak this monday morning. jeff, thanks very much indeed. we have a new update on the battle between elon musk and twitter this is another incremental move, lauren? lauren: i can't keep track of what round we're in right now but, no, i think this move confirms that elon musk really does want twitter. he tweeted at the ceo of twitter agrawal, let him prove to the public that twitter has less than 5% fake or spam daily users. he put out a poll saying what people think. it is an old girlfriend that

elon musk wants back. he just doesn't want to do a lot to get her or spend a lot i should say. he wants a lower price tag. he said in another comment, i'm interested. just doesn't want to pay $44 billion. stuart: very interesting comparison you made right there. twitter at 43 bucks a share, up another 2% today. doing well recently. another musk headline, keep rolling on, doesn't he? why doesn't he like instagram. lauren: he calls it place for provocative photos to elicit compliments. >> was on instagram for a while. >> get you verified. >> instagram is a trap. i found myself taking a lot of selfies. like that. [laughter]. why am i doing this. and looks like, listen, it was trying to get more likes and do more selfies. >> that is really instagram. lauren: doesn't have a lot of time. trying to get a lot of likes on a selfie.

how he thought he should spend his time. he likes to look at it. he has a secret account nobody knows about so he can look at photos. freeway to get him to advertise for tesla or get his thoughts communicated to public. stuart: jeff and i are sitting trying to figure out what on earth musk is up to. lauren: can never figure it out. >> the fact he wants this debate, to me, you know, i would love to mod operate this debate but i couldn't because i'm very biased. i hate twitter. i pray for them to go out of business but let twitter, let parag show how many fake accounts they have? why can't he do that? that is what elon it looking for. stuart: last word to you. lauren: any debate will be happening in the courtroom. this is. >> i think he needs to stop hiding behind the lawyers and put out exactly what is going on at twitter. there is way more than 5%.

stuart: okay. opinion i like that, jeff. you know it is bad when cnn's brian stelter suggests that the hunter biden scandal could be a problem for biden in 2024. you better watch this. >> hunter under federal investigation, charges could be coming at anytime this is not just a right-wing media story this is a real problem for the bidens. could he decide not to run for re-election given his son? stuart: brian, that is the story you ignored a couple years when it was very important. that is not looking good for biden. the transportation department is considering a new plan to refund you when ever your flight gets delayed. ashley has the report. china ramping up military ills drills around taiwan. kt mcfarland says that china is trying to win without going to war. i think she is right. she will explain next. ♪.

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stuart: rally continues. the dow is up 270, nasdaq is 16. absolute chaos over the weaken and the airports that is. it is not getting much better this monday morning. today almost 1500 flights have been canceled already and i'm sorry, 1400 delays, 409 cancellations. ashley webster is at the orlando airport. ashley are they trying to make it easier for me to get a refund for these delays? reporter: if stuart varney can't get a refund who can, that is what i would say but yes, they are, stu. airports, airlines certainly tried to give refunds, but the

problem all the airlines have a different rules. you get a refund if it is canceled or significant change to the schedule of the flight you have booked. what does that mean, significant change. in fact the board behind me, looking at the departure board here of 16 cities that are on there flights, 16 flights, eight of them are delayed. that is 50%. that is terrible. what the department of transportation would like to do create a set of uniform rules all the airlines will agree to so that passengers know if there is a problem with their flight they are in fact eligible for a full refund. i want to give you some points that the d.o.t. is proposing. this is just a proposal but take a look at these. they like to characterize as a significant delay as three hours or more on domestic flights, six hours on international. if the airline changes arrival or departure airport that qualifies for a refund. if the itinerary changed to add connections, d.o.t. says you

should get money back. if there is a downgrade to lower class for service, god forbid, first to economy, also if the airline changes the aircraft type and downgrade in available amenities follows that. there are some examples what the d.o.t. would like to do, stu. the ceo of frontier airlines over the weekend said there is no doubt that if a flight is canceled or significantly delayed, consumers should get a full refund as quickly as possible. take a listen. >> if an airline cancels a flight i think you're entitled to a refund and if you don't get cash, obviously if you get a voucher, should be good forever, but i think the number one thing if you cancel the flight you should give them a refund. reporter: well the question being is, will the airlines sign on to what the d.o.t. is proposing? as i said before, cautiously, maybe a lukewarm response. they may want to change some of those things but i think bottom line, what d.o.t. is trying to do, look, if something happens

to your flight you should know exactly what is due to you from the airline and i think that is good for everyone. i'm looking at lines behind me. i feel blood pressure going up when i look at these lines. they say the wait time, 10 to 14 minutes, if you believe that, i got some land in south florida you can have. back to you. stuart: ashley, we'll get back to you in the next hour. i want to check up on how about cancellations and delays are today, nobody wants more of that. thank you, ash, back to you later. i have to say this is dramatic. the with. sj reports that taxes are underway to revive the nuclear deal with iran. what more do we know? lauren: "the wall street journal" is reporting that the eu presented the final text for reviving the 2015 nuclear deal to iran. western negotiators, they seem finished. they're urging iran to accept the deal, the deal now on the table because it has been a year-and-a-half of negotiations. they say we've discussed every pointed a knaus yum. what does iran do now.

ball in their court. stuart: you sign that deal, biden has a real problem if he does that in my personal opinion. now we have china they announced new military drills around taiwan. kt mcfarland joins me. they have new drills around taiwan, encircling the island. they have drills near the korean peninsula as well. what is china's ultimate objective here? >> china wants taiwan. it is making no secret of that fact and the timeline for getting taiwan has speeded up. taiwan unlikely enough to put up enough defense to prevent china and our defense analysts war games, u.s. china war over taiwan, u.s. doesn't win the war, china wins. what is china trying to do? they're using military exercises to say look we can do whatever we want to do, whenever we want to do it, it is called

deterrence. china wants taiwan, it just doesn't want ever to have to go to war with taiwan. what china is showing us you want a war this is how we defeat you. it so far has been pretty effective. two can play the deterrence game and so far the united states is not. stuart: what can you do to play the deterrence game? >> number one, help taiwan strengthen taiwan. u.s. taiwan trade agreement. one of our major trading partners, why not a trading agreement? sell the most advanced weapon systems to encourage against invasion. most importantly get a sometime security alliance with asia, japan, philippines, united states, australia, new zealand and china, you don't take taiwan without taking us all on. how to tell taiwan there is a lot of stuff we can do to stand up to china. stuart: all this comes out due to pelosi's visit to taiwan.

why did she go to taiwan in the first place? >> i will not tell you what is in nancy pelosi's mind, who knows. what she has done, she forced the issue. this is always going to be an issue. taiwan, china wants taiwan, and historically they have just sort of put off the date of when do they want it by. let things evolve, things take course, china, taiwan trade, populations exchange. now the chinese seem to have a very different song and the song is we want taiwan and we want it now and this is what we're prepared to do for it. my concern, stuart, is that the chinese perceive a narrowing window of opportunity to take taiwan and that may force them into some kind of a military action. stuart: can you comment on that report we just mentioned a couple minutes ago, i called it dramatic. "wall street journal" reports that there is new talks about the iran nuke deal. >> right. stuart: europeans have come up some kind of a text, finalized their text.

i can't imagine we, the united states, under president biden would go back into the iran nuke deal. i can't imagine that, can you? >> well, again, i can't figure out what this administration is thinking or doing. they certainly never think through the results of their actions. that iran nuclear deal it was flawed in 2015 and it is even more flawed now. the reality is iran is getting nuclear weapons by the end of biden's term, one way or another unless somebody, some country stops iran from doing it and that country is not the united states or the european union. stuart: it is israel, isn't it? >> well, presumably, yes. probably israel. in conjunction in some way with the sunni-arab gulf states who also look at iran as their mortal enemy. stuart: really hot spots around the world, aren't they? ukraine, china, taiwan, middle east. never stops, does it? kt? >> welcome to my world. stuart: that is your world, exactly. okay, i'm part of it too.

kt mcfarland, thanks for being here. see you real soon. >> thank you. stuart: here is what is coming up, this is is interesting. are you thinking of booking a trip to los angeles? may want to rethink it. l.a. wants to force hotels to house homeless people right next to paying customers. we've got the story. parents really fed up with woke curricula in the schools. watch this. >> if my daughter is taught crt at all, i will sue you. i will swear to you, i promise you, i turn this into a class-action lawsuit, ambulance chasing business. stuart: you have been warned, folks. that mom is on the show next. ♪.

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♪. stuart: i did like this song way back when ever it first came out. it was rather romantic. that, look at that that is niagra falls. isn't that beautiful? you like the music you play on the show, follow us on spotify. search "varney & company" or scan the qr code on the screen. markets are still in rally mode. fortunately, monday morning we're up 2350 on dow industrials. lauren looking at movers. nvidia, that is a big drop. lauren: when is the market is strong. there is a warning from nvidia there is slowing demand that will hit the gaming industry, which is typically recession-proof. that is going to hit nvidia second-quarter earnings, expect them to fall 19% from the first quarter to $6.7 billion. stuart: that is quite a warning with big effect as well. bed, bath & beyond, what is going up, they are up 41%?

lauren: they're up 191% in the past five days, highly shorted stock. most mentioned on wall street bets. the company needs cash and i guess you can say they're getting it with all the retail interest adding in. stuart: people are covering shorts. lauren: yep. stuart: you bet the thing goes down. you made a rotten bet, you have to buy it. you don't lose too much money. first solar, let me see them they are up 8%? lauren: ceo said a few weeks ago, if legislation, inflation reduction act passes they will expand manufacturing in the u.s. well the senate just passed that climate deal and it would be good for first solar, so says, two new bulls, jpmorgan upgraded them to overweight and guggenheim upgraded them to buy. stuart: got it. one mother, a mom in texas, threatening to sue over critical race theory in schools. roll that tape again. >> if my daughter is taught crt at all, i will sue you.

if my daughter is taught sel at all i will sue you. i am encouraging every parent i know to sue you, to sue every teacher, principal, every system, everybody up the chain because we're tired of y'all. stuart: that mom, by the way is gabriel clark, she joins me now. gabrielle, you're obviously angry. did any of your children experience any critical race theory teaching? i think we have an audio problem. gabrielle? >> [inaudible]. stuart: let's regroup here. i'm not sure whether gabrielle heard the question or not. i will repeat it. we'll see if we hear her answer. gabrielle, you're obviously angry. did your children experience any

critical race theory teaching? [inaudible] stuart: i will move on hope to we get back to gabrielle. got it. university of kansas will offer a class all about, angry white male students. lauren: are you angry? stuart: perpetually. go ahead. lauren: it's a fall course. it is examining the rise of the angry white male in the u.s. and britain since the 1950s. why is he so angry and how does that manifest itself. stuart: he being the white male? lauren: yes. stuart: okay. lauren: i will read you from the course description. it is written by the professor christopher forth. let's face it we're all angry these days or supposed to be and encouraged on daily basis to become angrier. sometimes said that white men are the angry evident of all. what is he angry about? is he anger misplaced. careful reading informed

reflection and methodological are skills that will be developed to discuss different point of views, discuss them in a civil manner. i'm fine with this as a college course. can you imagine this thinking trickling down to high school, younger. who enrolls in this? do white men enroll to defend themselves or apologize. do women, transgender individuals attack masculinity, or how masculinity hurts them or dividing them? stuart: i don't understand why it is focused on white males. lauren: you can focus on anybody. stuart: why do they focus on white males? why do they do that? i don't know. there is no answer to these questions. what is coming out of the universities these days. >> you're getting angry about it. stuart: no exi'm not. i'm calm. lauren: i'm playing with you, but this is where we are in america in higher education. stuart: this is where we are in

new york city. crime spiraling out of control. watch this, please. thieves stole two million dollars worth of jewelry it was a smash-and-grab obviously. it took only 30 seconds. more on crime in new york coming up for you. and the new york city bodega clerk who was charged with murder for defending himself, by the way those charges were dropped, well he left new york. he may even leave the country. how about that? details coming up for you. ♪

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stuart: i believe we have gabrielle clark back with us. i believe we can now hear what gabrielle clark has to say.

good to see you, gabrielle. did your own children experience any critical race theory teaching? >> yes, my son, was being discriminated against at school and he was asked to list his identities and then attach signifiers to identities of privileged or oppressed. when he refused he was threatened his graduation. so we filed a lawsuit and he has since been allowed to graduate but the lawsuit is still ongoing. my daughter, my daughter was socially transitioned into thinking she was a boy and so i had to stop my activism for my son for crt and change direction and change course and start activism for sel and social emotional learning because you know, our children are being indoctrinated on all these different fronts and we need to do something about it.

this morning i found out that one of the parents i found a lawyer for has filed suit and, you know, we're not, we're not going to take this anymore. i started an organization that launched this week. revsoxx.com. we're working to protect women spaces from indoctrination. stuart: gabrielle, on what grounds are you suing? >> we sued on first amendment violations, civil rights violations discrimination. stuart: feel the same way, in the same school district, your friends and neighbors do they feel the same way? >> you know, i really haven't gone into a whole lot of details with the people in the school because at that time we were in the pandemic and they were distance learning. so at that time i didn't really know and i have since moved to houston but in houston, yes,

they're sick of this. all over the country people are sick of it. they're sick of all of this nonsense, every single time their kids go to school they have to worry about pornography in their books, they have to worry about some nonsense, smack crap about -- nonsense. nobody wants to hear that. everybody wants their children to be educated properly so they can grow up you know to be self-sufficient adults. stuart: yes, yes. we want to second that. self-sufficient adults that is what we want. gabrielle got you back on, you got a great message. gabrielle clark. >> give and go slash support the clarks, thank you. stuart: thanks, gabrielle. the bodega worker charged with murder after stabbing a would-be robber in new york city is now speaking out. he is considering leaving the united states? lauren: jose alba, he is up state in new york preparing to

return to his home in the dominican. the bodega association supporting him, assisting, him, says alba is not going back to work at the bodega, fighting with his trauma. he said he is afraid for his life. he is trying to get back to normal. it is very hard when you have flashbacks what happened. we're getting him professional help. alba and his family decide whether he goes back to the dominican republic for good or just spends some time there. fortunately the new york district attorney alvin bragg dropped the murder charges after public outcry including on this network and footage showed himself defending himself against the attack. that attacker was on parole when he died for attacking a police officer. that is why he was on parole. stuart: new york city, big cities across the country. former president trump he took aim at america's crime wave while he was at the cpac conference this weekend.

watch this. >> our country is now a cesspool of crime like it has never been before. entire communities are being torn to shred with stabbingses, shootings, streets of our democrat democrat run cities, with blood of innocent victims, gun battles between blood thirsty street gangs, bullets tear into crowds at random, willing wonderful, beautiful, little children that never even had a chance. stuart: on related note, a record number of nypd officers quitting before getting their full pensions. we got a number on this? lauren: it is astonishing. the "new york post" says it is hemorrhaging. they find 2465 cops have filed to leave their departments this year. 42% more than the year before. many of them leaving money on the table, quitting before they get the pull pensions which come at 20 years. that is up 71%.

just about 1100 this year versus 641 last year. they say risking our lives for little respect and district attorneys who put back on the streets everybody we arrest when we do our jobs just not worth it. stuart: over 1000 officers walking away before they get -- lauren: full pension. stuart: well-earned pension. thanks, lauren. tomorrow is primary day in wisconsin. the republican race for governor a dead-heat. it is between a trump-backed candidate versus a pens-backed candidate. grady trimble will report for us. say it ain't so, joe. "new york times" op-ed is now urging president biden not to run for a second term. joe concha reacts as more democrats distance themselves from the commander-in-chief. ♪ ♪♪ i got into debt in college and, no matter how much i paid, it followed me everywhere.

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♪. stuart: well it is primary day in wisconsin tomorrow. the republican race for governor between rebecca kleefisch and tim michael, well it is an absolute dead heat. grady trimble in madison, wisconsin. grady, another matchup after trump-backed candidate and a pens-backed candidate. that is what is shaping up here?

-- pence. reporter: it is, stu. whether they endorsed different governor candidates trump and pence are 1-1. this will be in some way as tiebreaker primary. former president trump was in wisconsin over the weekend, holing a rally, hoping to give his pick, businessman tim michaels a last minute boost. >> tim's opponent in the primary is rebecca kleefisch, a career politician and a political insider. i've known her for a long time. she is the hand-picked candidate of the failed establishment, the rino is, the washington swamp. reporter: former wisconsin lieutenant governor rebecca kleefisch, who served with governor scott walker is former vice president mike pence's choice. i wonder what you thought hearing former president who you supported in two elections

disparaging you over the weekend? >> you know i wasn't thinking a lot about it to be frank. the voters of wisconsin are going to be the ones who determine the outcome of this race and folks are asking them, stop about endorsements. the only endorsements that actually matter are the ones of voters counted on election night. reporter: winner of this primary take on democratic governor tony evers. both candidates on the republican side have criticized evers, inflation, handling of covid and called him soft on crime especially after the kenosha riots, stu, in 2022. 2020, rather. thank you, grady. see you later. there is a columnist who writes for "the new york times" calling on biden not to run again in 2024. here's the quote, ruth bader ginsburg is a cautionary tale tale. she missed the moment to leave the stage this is something

joe biden should keep in mind as he is riding the crest of success. joe concha is with me. the media really starting to distance themselves from biden in 2024. there is a chasm opening up here. >> we're seeing a pattern, aren't we? maureen dowd is the latest. she will regret writing this. this must be historic game-changer that is the inflation reduction act that being passed over the weekend. the bill most sane and sober observers will not lower inflation or by 1/3 of one point according to white house economic team. joe biden, so many columnists, so many newspapers wasn't too old during the 2020 campaign was giving as you clear preview after guy who lost the fastball about it was 45 miles an hour at its peak. maureen dowd and other writers have the epiphany. they wrote this mostly because they're activists. they want democrats to win back the white house in 2024.

doesn't matter who the candidate is. "new york times" has not endorsed a republican presidential candidate in 66 years. endorsing ma govern, carter, mondale, dukakis. go back to eisenhower before you were born, stu, to find a republican they like. joe biden at age 82 is seen by voters in poll after poll too slow, more importantly too slow and too old to respond to crises on his watch, inflation, gas prices, you call obviously the taliban and afghanistan and border, just he is behind the eight ball. seems on everything. stuart: age is huge issue. cnn brian stelter suggests that the hunter biden scandal could create real problems for biden in 2024. roll tape. >> i -- >> what about hunter? hunter under federal investigation, charges could be coming at anytime this is not just a right-wing media story. this is a real problem for the bidens. could he decide not to run for re-election given his son?

stuart: where was stelter when the hunter biden thing first emerged? >> that is the best unintentional comedy i have ever seen. you will never guess stu which media correspondent said in the fall of 2020 after quote, hunter apologized. his father said it will not happen again. at this point most people moved on. the same guy you just played, fox news destroys their credibility when they lead their programs with hunter biden. he also called it a manufactured scandal to spark what aboutism. i wonder what changed? "new york post" reporting was accurate then. stood under scrutiny and been confirmed as a matter of fact. we've been talking about this for nearly two years, stuart. this is a big story. it may ultimately show the sitting president of the united states is compromised because of his son's illegal dealings overseas and compromised three countries big in the news now, china, russia, ukraine. if that is indeed the case, we are as a country in serious trouble and the journalism

community from the get-go should have pursued this with the vigor the "new york post" did but wanted to see joe biden in office. they dismissed the story, censored it, suppressed it, you don't get to do a do-over pretend you didn't say things two years ago when it mattered, stuart. stuart: well-said, joe concha. see you soon. >> you're all right, stu. stuart: i am. brad blakeman, ohio senate nominee jd vance and stephen moore. this week marks the 40th anniversary of the start of the great bull run. if you can believe august 1th back in 1982, 40 years ago this week the dow was at 77. it reached 36,800 by january the 1st of this year. what a run. that is my take and it is next. ♪

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and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763. >> this isn't going to make it work for the american people. it's just going to infuriate average day americans because it's not going to relieve any of the pain that's being caused, and i think they're staying to themselves, why isn't the white house listening to us? >> this affects mom and pop investors. this affects the middle class. they're all going to pay more in taxes, because of this bill. corporations are going to do everything to make sure their earnings don't drop so they have to raise prices on those products, on their services so the middle class pays more.

>> they keep claiming that law enforcement is going to bring in more revenue, and these revenue projections never add up. the tax foundation says that it's going to reduce gdp growth, and cost 30,000 jobs. >> the democrats really realize what they've done to americans. they may want to blame this on donald trump like they blame everything else. is that true, that's what i like about you ♪ stuart: whoa, good morning, everyone. it is 11:00 on this monday morning, august 8. you're going to like what you see on the market this morning. yet again, we've opened on a monday, with a nice solid rally. dow is up 269, which is almost 1 %, and the nasdaq is up over 1% , close to 12, 800 as we speak price of oil on the downside today. $89 a barrel ever so slightly higher, and the 10 year treasury

yield coming in right now at 2.79%. the big action this morning is stocks, now my take. 40 years ago, this week, the great bull market began. oh, what a run its been. it was on august 12, 1982 the dow closed at 776. i'll repeat that, 776, 40 years ago. for years, in the 70s, stock prices have gone nowhere. investors were more interested in bonds. why not? triple a corporates paid more than 10%. oh, but then, things started to change. interest rates started to fall, and kept on falling. inflation came down until recently. it virtually disappeared. newly-created 401 (k) and ira's pumped enormous amounts of new money into stocks. gradually, the market rallied. true, there were gut wrenching sell-off with the crash of 1987 the financial crisis of 2008 and the pandemic shock of 2020 but by january of this year

, the dow had moved to 36, 799. that's 47 times higher than 40 years ago this week. i don't know whether the great bull run is over, but the landscape has changed. interest rates are going up, inflation has come back, the federal reserve is going to stop printing a lot of money. that's not good for stocks, and like it or not, socialism, the exact opposite of prosperity , has made a very unwell come return. but let's not dwell on the negatives. we've all had a great run. 100 million americans have a stake in the stock market and we are collectively much more prosperous than 40 years ago. that's what you get when you stick with captalism. all right, market watcher jason katz with us this monday morning jason, sure you heard what i just said. the bull market, the bull run,

is 40 years old. i think you believe that we've already established a bottom for this market, as of now, is that correct? >> i would say so. look this has been a not so strength rally, the nasdaq is up 20% since mid-june, s&p nearly 15%, so yes, i do think we form ed a bottom but we're now in a show-me the money-market, show me that inflation readings are moderating or that earnings are going to continue to be less-bad or there's a changing in the guard with respect to the composition of congress. and then above all, show me that the feds not going to get over their skiis. stuart, until those four boxes are checked, i'm not so sure we're going to see the magnitude of the moves of the market we've enjoyed since mid-june. stuart: overnight, the senate passed the inflation reduction act of 2022.

i would have thought that would maybe have a negative impact on the market. so explain to me why the dow is up 260 and the nasdaq is up nearly 200 as of right now. >> frankly, i had the same thought over the weekend. i think reflecting on it, the markets really absorbing the job numbers in terms of how the fed may react to it and that good news is probably really good news, and that the runway for soft landing may in fact have shortened but a crash landing is probably avoidable but it's my job, stuart, to read the tea leaves and understand market psychology and i think there's a perception out there that this spending bill is not as onerous as build back better was. the 15% minimum corporate tax rate isn't the 28% we all feared when the democrats took control, and there's no change to carried interest which there are people that believe that will motivate these private equity funds to deploy capital and the economy, and then lastly, the 1% tax on

stock buybacks? there's those that argue it doesn't have a material impact on corporate earnings. i would argue otherwise. i'll tell you this , i think one of the biggest reasons for the rally today is theres a scramble in corporate boardrooms to get those buybacks in now before that tax goes up. stuart: that's fascinating, scramble now, so you can buyback now, before they do it to you. jason katz thanks very much indeed, sir we'll see you again real soon. yes, sir, thank you. stuart: now, listen to senator lindsey graham. he has some advice for donald trump if he chooses to run in 2024. roll tape. >> if he runs for president, talking about 2020 is not what people want to hear. he likes hearing it, but people want to hear about how can you secure a broken border. how can you stop rampant crime, what can you do to get the economy back on its feet that's what people want to hear. i'm telling president trump, if you want to be president again in 2024 focus on solving the problems americans are living with.

stuart: brad blakeman joins us this monday morning, you heard the good senator right there, brad. don't look back, don't rehash 2020 look forward instead. i'm inclined to agree with that and i hear a lot of people saying the same thing. please, mr. trump, don't look back. what say you? >> you got to look forward. elections about the future. it's not about the past, and if you try to relitigate the past you aren't talking about the things that are on people's minds like the senator said. inflation, gas prices, education , our border. there are so many crisis in america that have to be solved and we can't relitigate past grievances, so i agree. if donald trump is going to be running for the republican nomination in 2024, he's got to do what he did in 2016 and address those things that are on the people's minds as they are looking to the future. stuart: trump easily won the

cpac straw poll for 2024, do you think cpac represents the republican party or the majority of republicans? >> no, they actually don't. it's a minority of the republican party, those who identify as republicans, and if you just look at it historically you can see that it hasn't been a good predictor of who the nominee of the republican party will be or who the winner will be. just ask rand paul, ron paul, sa ntorum. it is not an indicator but i will say this. cpac has been very good to donald trump and donald trumps been very good to cpac so it's kind of more like a favorite son poll at this point and we're light years away from the actual election, so if anything, they are appreciative of donald trump , and that's what you saw in the poll. stuart: brad i've known you for many many years and frankly i always think of you as a trump guy. are you beginning to move away

from mr. trump? >> well, you know, donald trump has done great things for our country. it's always been a matter of rhetoric versus results for donald trump. i think it's time to pass the mantel as is my personal opinion. i think governor desantis and so many great leaders, tim scott, pompeo, we're just blessed with a good, deep bench for 2024 although i think president trump could be a great help, he certainly is a force to be reckoned with. i think as any good leader it's time to pass the mantel and we're very appreciative of donald trump and all he's done for our country, but i believe that it's time for younger, dynamic leadership to rise in the republican party, and be our standard. stuart: we're all evolving, brad blakeman thank you very much for being with us. >> pleasure, thank you. stuart: back to the rally why not. dow is up 260. we'll take that and lauren is looking at the movers including

coinbase. lauren: look at bitcoin, ethererum they're surging bitcoin the largest digital asset trying to get back to 25,000 today so that is boosting the names related to digital assets like coinbase. also, i was trying to figure out why is bitcoin up so much today. is it four or 5% gain today alone. investors seem to think that inflation is moderating, and they're looking forward to the wednesday cpi report, the expected 8.7% print and that's good for the cryptocurrencies. stuart: okay and as you say, 24,000 bucks on the bitcoin as of right now. and then we've got blue apron, now i know they are the meal kit company and i see them up what 10% or something, 18%. lauren: i month they cut their forecast, declining orders, decline in customer count but they say we got this $25 million from one of our backers and we'll buyback our shares with it so the stock goes up. stuart: they are getting into the buyback before the government can tax them on it that's it.

oh, good. lauren: because their report was pretty ugly. can we talk about this stock? i'm scratching my head. i go to party city all the time they never have anything in stock. why is this? so it's a dollar stock why is it up 11%? they cut annual sales outlook, other bad metrics in the report but you know, because of a tax benefit their earnings were better-than-expected and with that, you have a 10-11% gain. makes no sense to me because it was a bad report card and the stock was initially down 5%. stuart: and it goes up 11%. that's extraordinary stuff. los angeles is considering a plan to house the homeless alongside paying hotel guests. one city council member calls it the dumbest measure he's seen in his 10 years on-the-job. we will have the story for you. here is a smash-and-grab robbery in new york city, the thieves got away with 2 million bucks worth of jewelry in 30 seconds. crime in new york, out of control. we'll tell you about it. election day, exactly three months away. polls show jd vance trailing

behind incumbent ohio congressman tim ryan, but well he's not the senator. tim ryan is a congressman going for the senate, and jd vance his competitor. he is trailing in the polls at this point, we'll have mr. vanc ex on the show after this. ♪ i've always loved building things. not just structures and skyscrapers, but teams who make it all possible. after all... we wouldn't be where we are today without them. so we made sure that like these buildings... their futures may also stand the test of time. ♪ ♪ ♪ ♪

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stuart: wednesday, we get the official consumer price index numbers. they will be very important. that wednesday. right now, we have an inflation outlook from the federal reserve , the new york federal reserve. lauren: well, the fed, in

deciding what they are going to do with interest rates, is taking into consideration what people think about interest rates. stuart: what do they think? lauren: and now we know. they think that this is for the month of july. people said, inflation over the next year, will come in at 6.2%, down from 6.8% in june. that's a pretty steep fall. as for three years from now, the expectation will be 3.2% down from 3.6% in june. so, more or less, we expect inflation to come down, or expectations in the future is something the fed looks at when they set interest rate policy. stuart: in my opinion the 6% inflation rate is an economic, it's a political problem for the administration. not such a huge economic problem although it ain't great. lauren: but when you make it expensive for businesses to lend , and for consumers to borrow, you kind of slow down your economy. stuart: okay, okay, okay, 6% ain't great. lauren: no it's not i agree with

you. stuart: let's get to politics. the most recent projections show that the republican nominee for senate in ohio, jd vance, is trailing democrat congressman tim ryan by 4 pounds and jd vance joins me now. jd, welcome to the program. it's good to see you again, sir. my question is this. are you behind in this race, perhaps because you've got the endorsement of donald trump? >> no, not at all. look, the poll is two things on that. the polls in ohio have always been so that joe biden would win ohio in 2020, donald trump won by eight points, but more importantly, the only independent polls in the race show me up. the democrats bias polls certainly show me trailing but we know the reason those polls are out there is to help the democrats fundraise, but the problem for the democrats is that tim ryan, like democrat opponent with joe biden 100% of the time and passing this so-called inflation reduction act which falls hard on ohio families so i'm not worried about where this political race is. i do worry about this economy

and whether ohio families can afford to survive another couple of years of the joe biden tim ryan regime. stuart: we're looking at, i think we're looking at 6% inflation, some way down the road. it's not going to go away overnight. it's going to be with us to 6%. you say, is that really damaging ohio voters in particular? >> oh, it absolutely is, and you have to appreciate that so much of this inflation is falling hardest on people who work in the energy dependent economy so if you work with fossil fuels if your trucking, shipping goods from one place to another, if you work in oil & gas drilling, all of those things are more true to ohio than they are to most southern states so the tim ryan- joe biden inflation is slam ming ohio especially hard but i've got to say, stu, this inflation reduction act which is a ridiculous name for this , what it basically does is subsidize rich people to buy electric vehicles at the expense of the ohio automotive industry. it's going to put a lot out of

work and raise prices for the goods that ohioans rely on, all so people can buy an electric vehicle at a slightly cheaper price. by the way those vehicles manufactured by the chinese communist party this is all a joke. a joke of an economic program. it hurts the people i'm trying to represent the hardest and we need to take this economy in a different direction so that normal people can afford to get by. stuart: one last point. the democrats are taking this inflation reduction act passage, they are taking that as a huge win for biden. they really encourage democrat voters in november, this november. last word to you on this. >> i don't buy that anything that's good for joe biden politically is actually good for people that i'm hoping to represent. we have to remember, so another thing this does is hire 87,000 irs agents and the democrats have rejected calls and laws that would make sure those irs agents don't go after small and medium-size businesses in my state. this is a disaster, stu.

it's going to hurt people, hurt workers, hurt companies that are trying to hurt workers and whether it's good for joe biden politically, i frankly don't care because it's going to make the people in ohio poor and less comfortable. that's why we have to fight back against this stuff. stuart: jd vance thanks very much for coming on the show, much obliged to you see you again soon. >> thank you. stuart: back to the markets. where are we now? still up nicely. dow is up 200, that's about two-thirds of 1% and the nasdaq is up let's see now, .85%. this is a monday morning rally, right there. how about softbank? or rather show me uber. i'm showing you uber because softbank has just sold its entire stake in uber. they said, they took this sale between april and july. they sold for an average of $ 41.47 per share. they wanted to raise cash but out of the right moment i guess, because uber is now down to $31 a share. hong kong just did, indeed, cut

its quarantine time for tourists they were requiring people to stay in a hotel for a week but how long now? lauren: they cut it in more than half to three days. you aren't out of the woods so you can go home after the three days but you're under medical surveillance for four more days and that means you can leave your house but you can't go anywhere that checks a vaccine pass, so the salon, school, bar, or a gym are all out of the question. you can go to work, take public transportation provided you show a negative test. i know it's a headache and hong kong says we had to make these changes to stay competitive but who would go there on vacation at least or even for business. businesses would reconsider their travel if you have to do all that. stuart: i used to live there. i lived there for a couple of year it's a wonderful place. lauren: i agree i've been there once. wouldn't go there now though. stuart: jack dorsey, the twitter guy, is calling for an end, i don't understand this. calling for an end to the chinese communist party?

lauren: he say a news report and the reporter details all of the covid restrictions that they have to deal with every single day. the rigorous testing, this app that dictates where you can go. it's still being used more than two years later so the worry is this surveillance lingers longer than covid does, and i think which is, he saw this report and then tweets and the chinese communist party. is that going to happen? no, but can you imagine how those people are? stuart: didn't object to the fact -- lauren: how we're living here. stuart: and ruining taiwan and no, he just worried about those covid restrictions. deary me. i've got to move on. china just locked down one of its most popular tourist spots how many people are stranded? lauren: 80,000. this is the city of sonia, beautiful beach town known as china's hawaii. stuart: call jack dorsey he'll get you out. lauren: restrictions began saturday morning, public transit suspended. if you want to leave you have to stay for seven days and show

five negative covid tests. right now, the city has the worst outbreak in all of china. that means there are 736 positive cases reported. stuart: i wonder if jack dorsey has ever been to hong kong. and experienced true liberty and freedom the way they used to have it before the chinese communist party stopped it. lauren: you're very anti- commentary. now i see them quite the opposite. as coming around to where you are. stuart: here is this guy, who runs twitter and some other stuff. he objects to the covid restrictions in china and calls for the removal of the chinese communist party. lauren: what should he have said stuart: get rid of the chinese communist party because they are a bunch of damn communists who ruined hong kong and are trying to ruin taiwan. is that his only objection? pathetic. lauren: that's what the tweet said. that's all i've got. stuart: i've got to move on the last ones for you. a company rolling out, still got

more, driverless taxis on city streets, which company? lauren: it's baidu, and they just got permits to put their taxis into two chinese cities including your favorite wuhan. these are complete in the first no driver, no human being in them whatsoever so usually you have someone who works for the company sit next to the passenger in case something goes wrong. they aren't doing that and guess what we are already doing that right here in the u.s.. cruise gives driverless rides in san francisco and waymo does in arizona. stuart: i wonder if jack dorsey is outraged at baidu, and driver less taxis. lauren: of all of the things that outrage you. i did not see that one coming. that's completely different than what jack dorsey said. stuart: okay thanks, lauren. remember this picture, bernie sanders made the rounds on social media after inauguration day, well now there's a new bernie photo being turned into a meme, if you care, we'll tell you about it . the senate just

passed the inflation reduction act without a single republican vote. top white house economist says the new bill will destroy a trump economist, says the new bill will destroy 900,000 jobs. that's interesting angle, stephen moore has that, next. ♪ ♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪ to be... unstoppable.

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♪ stuart: i'm not sure why the producers picked that song " i'm just a bill", but we're looking at capitol hill. i guess we've got a $700 billion bill right now. with that inflation reduction act. anyway here is a photo for you, do you remember this , bernie in mittens after the inauguration made the rounds on social media, sure you've seen it, but there's a new picture come out. lauren: i like this one better. so the vote-a-rama, you see bernie sanders just taking a break 16 hours of voting and he's just sitting on the stairs of capitol hill looking like

that. that has become a meme, right? and some people are parallelling it to the schoolhouse rock song, from 1976 called "i'm just a bill", look, they look similar. the exhaustion of this but he voted for the bill. he wasn't really a big fan. he says it's not going to reduce inflation and here you go. bernie, you're a meme once again stuart: and he's exhausted, all right, thanks lauren. check those markets, please. coming back a little bit. the dow is still close to 200 points higher, but not quite, and the nasdaq is up 95 points now but there's still a solid green block on the left-hand side of your screen. we've got a new report by the committee to unleash prosperity, i love that title, and it highlights the negative effects of the inflation reduction act. this report, or part of the report suggests that over the next 10 years, employment will be cut by 900,000. gdp cut by 1.2%, household

income, down 1,200 bucks, wow how about that? stephen moore is with us, and you know what's in this report. the democrats never mentioned any of that when they were selling it to us. >> yeah, by the way i love the bernie sanders story and it's important to note, i want to reemphasize that bernie sanders is the only guy, democrat who told the truth yesterday, and said this bill will make inflation worse, not better. so congratulations to bernie sanders for telling the truth. he still voted for the bill, of course, stuart, but he acknowledged that this is miss- labeling called this an inflation reduction act. the study that we did at the committee to unleash prosperity basically finds very very negative effects from this bill on the economy, and most americans know this. it'll have a significant negative effect, well it'll increase the inflation rate but it'll also lead tofuer jobs for two reasons. one is that it kills certain industries in the united states, the three biggest loser industr

ies are steel, coal, and manufacturing industry. now, they're trying to make a fix to that bill and it's still in motion right now, stuart, but those are three of our most critical industries, and then the other reason this bill loses jobs is because it's a massive increase in the welfare state in terms of whose eligible for these free healthcare benefits but none of those benefits, stuart, are tied to work. in fact they have disincentives to work so you're continuing to encourage people to dropout of the workforce, and get these free government benefits. stuart: okay, that's how it works, okay. another poll shows 69% of us believe the economies getting worse. that is the highest number since 2008. do you think it's going to get worse in the public estimation between now and november? >> you know, it's hard to say, we're seeing a little bit of a recovery right now from the horrible last four months. i think inflation is going to come down a little bit, stuart,

but this is an economy that's really ailingment when you have a situation where you've got two straight quarters where the economy has contracted, when you have the average family, stuart, over the last year, has lost about $4,000 in purchasing power, that's a big deal for people, and that's the reason most americans believe we're in a recession, because they're feeling it right in the pocketbook. when you pass bills like this , stuart, to make the economy worse, i mean, somebody has to point to me one thing in this bill that helps the american economy, because i can't find anything. one last point, stuart. if you add up all of these spending bills over the last 18 months, $3.7 trillion of new spending, debt, and money print ing. how in the world is that going to help the american economy? stuart: it's not. let me make one last point. the senator supposed to consider separately this joe manchin idea to increase permitting and get the pipelines moving again.

i've got a buck says that bernie sanders and other senators will say no to that and it won't happen. what do you say? >> look, stuart, you know who else is going to say no to it much more importantly? the biden environmental protection agency. they are going to block any attempts because look, biden said, remember? i'm going to, i want to close down the oil & gas and coal industry. so, we should take him for his word for this. these permits are not going to happen, folks. we're not going to see the increase in oil & gas and coal production and shame on joe manchin because the state that is most negatively impacted by these policies, stuart, guess which state that is? west virginia. stuart: well-said. stephen good stuff. thank you very much indeed, stephen moore we'll see you again soon. you've got it. >> thanks, stuart. stuart: let's get back to the crime story out of new york city it's remarkable stuff. smash-and-grab robbers stole millions of dollars worth of jewelry from a new york city store. the question is, some video tape right there.

have they been caught? lauren: no, all four of the men you're looking at are still on the run. there's a $3,500 reward if you have any information. this happened on friday in the middle of the day in the nice part of the bronx, new york, so a store employee buzzed them in and then one of the robbers, in the white t-shirt just stood outside and held the door for everyone else, and they pull out hammers, they smash the display cases, and they steal $2.1 million of jewelry in 36 seconds. haven't been caught. stuart: $3,500 reward. not much. thanks, lauren. mars, the candy company, is apologizing after referring to taiwan as a country. they are just one of several companies doing that to china. we have a report on that. more than 1,000 flights have already been delayed today. this comes as the transportation department is considering a new plan to get refunds to you if your flights delayed or pushed back. ashley webster at the airport in florida with the report, next.

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♪ fly like an eagle to the sea ♪ stuart: i do like "nike like an eagle" lauren: it's mellow music the entire show. it's mellow monday theme. stuart: yes, and a stock market rally, and that is fort worth international airport, 88 degrees and no doubt going higher than that. as of right now, nearly 2,000 flights have been delayed already, in america. 484 have been canceled. ashley webster is at the orlando airport. hey, ash, earlier, you said 50% of the flights leaving orlando

were delayed. how bad is it now? ashley: its gotten a little better. i think it was a problem at chicago o'hare because i noticed three different flights to that airport were delayed but it was across country to houston, to fort collins to fort lauderdale, maybe it's weather, maybe problems at those airports. i was thinking, stu, the last three times i've flown, my flight was delayed, a missed the connection, had to take another flight. it was a horrible experience, so maybe not the most objective observer, but i'm certainly not alone and the problem is, how the airlines deal with this summer of discontent, with all the calls for refunds and how quickly they get those refunds back to the passengers and in what form. you get your money back? do you get a coupon that means you have to fly on that same airline at some future point? well, the department of transportation put out this statement, and it talked about business practices and it says, "the d. o. t. considers it an unfair business practice

for a u.s. air carrier, a foreign air carrier or a ticket agent to refuse to provide requested refunds to consumers when a carrier has canceled or made a significant change to a scheduled flight to, from, or within the united states." in other words there's a lot of confusion. we know the airlines have been suffering through lack of pilots , shortage of ground crew, demand has far exceeded capacity , bottom line. it is getting better, but when it comes to refunds, we spoke to a travel analyst who said all consumers want is some clarity. take a listen. >> the challenge for consumers is, you know, what they experience with one airline may not be true with another. there's not a lot of clarity in the way that significant delays are defined, and so i think the goal here is really to provide some of that clarity and transparencies. ashier got to tell you though, most of the people we stopped and tried to chat to they didn't

want to talk on camera but they seem pretty happy. the lines have been moving, when was the last time you saw a line at the security check-in that small? not for me. if i was flying today this line be half way down another gate. i know that for a fact. that's just the way things happen for me, stu, but in the end, we get this refund policy sorted out, the friendly skies will become smoother. we'll have to wait and see. stuart: i know why you're in a good mood because briton beat manchester united in manchester to start the premier league season and brighton is your team ashley: let me tell you a guy went by in a shirt this morning at the airport. of course i had to say something and i said, i wish we could play you every week. he was not amused. stuart: [laughter] be careful with that there, ash. we'll see you later. ashley webster good stuff. thanks a lot, sir. let's go to los angeles. they will soon decide voters there will decide if hotels will

be forced to house homeless residents alongside paying customers. tell me more. lauren: it's going to be in march. if this passes, hotels will be required to notify the city every afternoon about how many empty rooms they will have that night. so, i mean -- stuart: all of them? lauren: if you go up to this hotel and you don't want to stay with homeless people there's nothing you can do about it. so the housing department can then buy those rooms for the homeless people and the hotels cannot refuse them. the president of the northeast la hotel hone owners association says this is not a solution. >> simply issuing hotel voucher s impacting our hotels and our marketability of those rooms to the paying tourists, corporate travelers, and locals is not a solution, the great concern is the safety of our guests, our staff, and also, our neighbors that surround the business communities. lauren: the hotels are obviously

worried about crime, safety, they don't think tourists are going to want to book the same hotels they know a homeless person can stay there that night and governor newsom is being talked about as one of the front runners on the democratic ticket in 2024. i mean, this is a silly idea. this is just bad. stuart: come march of next year when it goes on the ballot and after that there will be a legal challenge so i don't think hotel owners -- lauren: hopefully you're right. stuart: look at that bottom right hand corner of your screen you can see the dow is now up just 60 points, it had been up 200 earlier. look at all of the dow 30 and it's a fairly even split. i'd say it's about half and half , winners and losers but the dow is now up only .2%, 66 points. taiwan's top diplomat in the united states says china has been preparing for an invasion for a long time. roll tape.

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stuart: asking its product suppliers not to use made in taiwan labels. they are trying to appease china , obviously. madison all worth with me. which other companies are doing that as i would say? >> yes, so most recently we're looking at mars, they are the parent company of m &m's and snickers have now apologized for a snickers product launch which chinese social media users said suggested that taiwan was a country. so, in a statement the company said mars respects china's national sovereignty and territorial integrity and conducts its business operations in strict compliance with local chinese laws and regulations. it is one of the latest businesses to use almost the exact same language, when apologizing to china and its 1.4 billion people and potential shoppers. these are all companies that we have seen similar words saying they respect and uphold china's sovereignty and territorial integrity. china and its consumers regularly exercise the power of their wallet. since 2016 there have been 78

boycotts of foreign companies. that's more than six times the number that we saw in the proceeding eight years, according to swedish national china center. and to bring it back to what you mentioned at the top of the report when it comes to apple they are concerned about the parts that go into the new iphone that should be launched later this year. stuart: china has leverage. reporter: they have a huge consumer base, 1.4 billion people, so, you constantly see companies concerned around losing that base, and it's happening more often. stuart: very tough for american executives to navigate the china market when such hostility between the two sides. reporter: especially in the current climate. stuart: on a related note, madison, the u.s. ambassador to taiwan claims beijing is manufacturing a crisis. roll that tape. >> but the fact is, again, visits, congressional visits to taiwan have been ongoing for decades and for decades it hasn't prevented the united states and china from having constructive discussions on

matters of neutral interest. the beijing government is currently trying to manufacture a crisis over a practice that has been ongoing for decades, and they are using this as a pre text. stuart: foreign policy expert james carafano joins me now. james let's carry this forward. do you think, in your opinion, an invasion is imminent, or is this just bluster? >> well, china had a perfect opportunity to invade. i actually think why would you demonstrate that you could invade a country if you were seriously planning on doing it now, you wouldn't just demonstrate that. you'd just go do it, so i actually think that the military shows that they don't seem to be serious about in vading immediately, but the two stories you just linked talking about businesses and what that person said about u.s. policy congressional visits, they link together, and they link together

with china. you know, the chinese ancient chinese philosopher swinsu, it says "win without fighting" so when people apologize to beijing , what they are actually doing is emboldening the chinese and the chinese will just get more aggressive next time so if you're a company doing business in china and you find yourself constantly apologizing to the chinese, thinking well that gets that off the table, it's only going to get worse and you're actually your business is going to be more at-risk and at some point they may just take it away from you. you have to do risk assessment doing business in china these days and realize you can't take your consumers for granted, and don't believe for a second that being compliant to the chinese government is going to protect your investment. the reality is, it's more likely to put your investments at future risk. stuart: james, you've got 30 seconds to tell me why pelosi went to taiwan in the first place, if you got an answer.

>> well, look. i mean, the obvious answer is we should condemn her for not going before. she's been speaker forever. if we did these things on a regular basis the chinese wouldn't be able to make hay out of it so shame on us for being weak-kneed in front of beijing. stuart: interesting answer. james carafano, come back soon and when we've got a bit more time because that's fascinating. james, we appreciate it. thanks a lot. >> thank you, my friend. stuart: now it's time for the monday trivia question. another good one. how many states do not have direct access to an ocean, gulf, or bay? 15, 21, 27 or 32 states? man, that's a good one isn't it? i'm not quite sure, but we'll give you the right answer after this. this...

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stuart: ladies and gentlemen, i want you to know that during the commercial break lauren cheated. she looked on her computer, got a map of the united states an counted how many states have access to an ocean gulf or bay. my guess it is, do not have, i would say 27 do not -- 21. it is 27. >> my guess is 27 but i guess my count something wrong because i

counted 32 [laughter]. stuart: if you look, go all the way down the west coast, east coast and gulf coast, and those are the states that lack that direct access, okay? >> so i can't counting correctly. stuart: our time is up and look who is here now. the man himself, mr. david asman. neil: trust your instings. your first instinct was correct. 27 is the number. welcome to "cavuto: coast to coast." i'm david asman in for neil cavuto. all three indices in the green. the dow on pace to exit correction territory as we expect fresh inflation data come out on wednesday. speaking of inflation,