mitch final comments from you? >> yeah, she was elegant, that funeral that we've been watching on a monitor all morning long is elegant and i just hope that that family has the grace and elegance that the queen had, because there's a lot of tabloid stories ahead. maria: well they certainly shown that this week. dagen mcdowell, mitch are, thank you, have a great day. "varney" & company begins right now. stuart: good morning, maria, and good morning, everyone. this is a remarkable day. the funeral of the queen of england. a specatacle like no other. britain and the world remember a great queen, a must confess at times this morning i was choked up, but we're also here to tell you about your money and it's a remarkable day for that too. after big losses last week there's more red ink being spilled all over the place. the problem here is the expectation that the federal reserve will aggressively raise interest rates. they meet this week. the dow looks like going down a

couple hundred points at the opening bell. drop today for the s&p as well and look at the nasdaq. it was down over 5% last week. it's going to be down another what's that, about two-thirds of 1% this morning. they are going to be back to about 11, 800. there's another negative here for you. especially for tech stocks. that is bond yields rising. the yield on the 10 year has hit earlier this morning it hit 3.5% the two-year, now closing in on 4%, 3.94 and the one year, still above that 4% level, 4.05. as for bitcoin, it's back to $18,000 per-coin. 18, 800. the story on the market says the sell-off. the story in politics is what president biden had to say on 60 minutes last night. he said american forces will defend taiwan if china attacks. the white house immediately walked that back saying there had been no change in policy. the president also downplayed

inflation on a month-to-month basis, it has hardly risen. all right, in london right now. the funeral ceremony continues. it is a unique occasion which has brought together hundreds of world leaders and perhaps a billion tv viewers around the world. throughout the programmed to, you'll see what's happening. you'll never see the likes of this again. monday, september 19, 2022. "varney" & company is about to begin. ♪ stuart: all right we're going to take you first to london, queen elizabeth's funeral is underway as you can see right now. good morning, lauren. i've been watching very emotional for me because it's the last time i shall see my queen. take us through it, please. lauren: the somberness and execution, so perfect is what strikes me about watching this ,

this morning. that is a reflection of her reign, right? you see hundreds of world leader s including president biden, her own former prime ministers, even the current attending. her coffin is now making its way through the streets of london. the huge and silent streets as everybody pays their respect. the coffin was flanked by honor guards, accompanied by king charles other members orlando of the royal family and in the next hour, it will arrived at the royal estate of windsor and on to st. george's chapel and ultimately this evening queen elizabeth ii will be laid to rest next to her husband, prince prince philip. stuart: i hope that we can hear that boys choir. lauren: powerful. stuart: it will be more wonderful episcopal singing, so we'll try to take everyone through that one. chokes me up folks i'm sorry about that but it just does. lauren: well this is something we never see. stuart: no. we'll never see the likes of this again. never see a queen like this

again and stop me now before i burst into tears, all right? jeff sica is with us. you got to bail me out on this. >> i might burst into tears too its been an emotional day. absolutely. stuart: the markets getting nervous. i get the impression the market is getting very nervous about what could be a 100 basis points rise in interest rates from the fed. what say you? >> i think that's exactly what the market is nervous about and keep in mind, a couple weeks ago , everybody was thinking it's going to be 50 basis points, maybe 75 basis points. now you have the hundred basis point talk. now when you have fed funds at about 2.5 and inflation at 8.3, what you're going to have to see is you're going to have to see the fed funds rate go up a lot and for that to happen, there needs to be almost draconian steps taken by this fed in order to accomplish it. stuart: that be , go ahead. lauren: well my question is it takes sometime.

there's usually they say a nine- month lag for the federal reserve hikes to take effect on the economy. >> right. lauren: so if we get these constant and repetitive increases say the terminal rate is 4.25% as goldman sachs says at the end of the year what does that do to the economy in nine months? >> well that's the decision the fed has to make. the fed has to decide whether they want to crush the stock market in order to save the economy and end inflation. essentially inflation is a ferrari at a 200 miles an hour. they've been trying to pump the brakes and in order for them to do this they may have to slam on the brakes and the market is not going to like that. stuart: that's a tough signal to be delivering to the market and so is what fedex said last week. pointing towards a global slowdown and they report their actual earnings this week. not going to be pretty, is it? >> no, i mean, fedex, not only did they warn but they also withdrew all their annual guidance, which means they don't have any optimism about a quick

recovery, so when you have a company like fedex, keep in mind , fedex is one of the only companies that touches virtually every company. small companies, medium-size, large companies. they touch every company. they have their finger on the pulse of the economy of businesses, small businesses, and large alike, so they're telling us that this recession is not going to be short-lived. it going to be longer term, and that scared the daylights out of this market. stuart: you wouldn't be touching stocks at this moment? >> no at this point i would not we're going to get rallies and i do think that jerome powell might even talk, as i've said before, talk like a hawk and act like a dove. that may very well happen, but i would wait, because what you're going to see is you're going to see a lot of this leverage that's in the market needs to be unwound and that takes time.

stuart: painful too. >> absolutely. stuart: jeff thanks for being with us. thank you, sir. now let's get to straight politics shall we? president biden sat down for his first interview in more than 200 days. listen to what he said about record inflation. >> last tuesday, the annual inflation rate came in at 8.3%. the stock market nose dived. people are shocked by their grocery bills. what can you do better and faster? >> inflation rate month-to-month is just an inch, hardly at all. >> you're not arguing that 8.3 is good news? >> no i'm not saying it is good news but it was 8.2 before. it's not, i can make it sound like all of a sudden, my god it went to 8.2%. stuart: charles hurt is with us this monday morning. charles? is the president dismissing inflation? that maybe a good political tactic because inflation is a concern for everybody so he dismisses it. is that what he's doing?

>> i guess that's the best sort of analysis you could provide there, but i don't think it is wise because the only thing worse than overseeing a disaster like this with inflation is to sit here and act like it's not happening or it's not a big deal and not doing anything to address it. stuart: you can't gloss over these things. especially when you see in the wall street journal a very interesting article over the weekend that electricity prices are going straight up, all across the country this winter. big deal. >> yeah, it's a huge deal, and this is why, you know, economy and crime are two things you can not hide from. politicians cannot hide from it. they can't talk their way out of it. these are things that individual citizens feel in their own homes and their own neighborhoods. they talk to their neighbors about it and it affects them in very real ways. you can not hide from this , and that's why i say, you know, because what happens when first of all, you have the problem

which of course politicians always get blamed for problems like this , but then when you're not even able to address it and acknowledge it, and put forth some sort of strategy for dealing with it, it makes people feel like you ultimately completely lose all credibility with voters, and when politicians lose credibility with voters, they're done. they're cooked. stuart: now president biden's approval rating is rising. its now hit 45%. it's out of the basement. is that because of trump and abortion? >> it's sort of hard to say. it's a real head scratcher. it has something to do with the fact that gas prices have come down but you know what? when gas prices go up to $6 a gallon they tend to come down. that doesn't mean, we're still looking at gas prices twice what they were when joe biden took office, but honestly, i think that this poll, this latest poll suggests it sort of pinpoints

the difficulty of polling in this environment, and when the president spends months accusing voters of being fascist , it tends to make voters not want to be honest with holsters, and i really just don't trust any polls these days , and joe biden is making it worse by actually, you know it's one thing to go after your opponents who are also politicians but president biden is going after voters who support his opponents and accusing them of being fascists and going around locking up supporters of donald trump. these are really scary times politically and thinking that you're going to get an honest poll in these times? it's just, i just don't believe them. stuart: very interesting angle, charlie hurt thanks for being with us always appreciate it. we will see you again soon. >> great to see you. stuart: we just told you the president's approval rating is up to 45%. what do you think got his rating out of the basement? lauren: nbc's chuck todd thinks it's the former president trump. >> the remarkable thing about mr. biden's numbers is how he

manages to get to 45%. an issue after issue his approval ratings are consistently below 45, so what's happening? just as important to president biden is getting a lift from simply donald trump's presence. bottom line is this. less than two months from the mid-terms, each political party is running the campaign they want to run. republicans, crime, economy and immigration and they're winning that battle with the voters. democrats are running on mr. trump and abortion rights and winning that battle with the voters. lauren: i think he's right. the translation is look at this. he's got a 45% approval rating but he's under that with cost of living he polls at just 30%, his best is foreign policy at 42% so chuck todd says the election has not become a referendum on biden as you think it would because it's all about trump. look at this. trump is under water by 20 points. how do you feel about the former president 34% view him positive ly, 54% negatively and then when you take into account the other big issue for democrat

s which is abortion, six in 10 voters say they disapprove of the supreme court overturning roe. stuart: maybe chuck todd is right, abortion and trump maybe that's what's doing it. lauren: we still have a long time even though it's right around the corner a lot can happen. stuart: look at futures please it's monday morning, wait for your money we're on the downside again. 5% losses for the major averages last week, more percentage losses this morning. dow is going to be down about 200 points. coming up a new op-ed urges republicans to seize the border. miranda devine says that gop needs to use this issue to win in november. the biggest story of the day? the funeral of queen elizabeth. throughout her reign she upheld the vow she took as a 21- year-old princess. watch this again. >> with my whole life, whether it belong or short, shall be devoted to your service and to the service of our great employee pericardium quality family to which we all belong. stuart: from a spirited princess to britain's longest-serving

monarch. we're honoring queen elizabeth. we shall not see her like again. ♪ before we begin, i'd like to thank our sponsor, liberty mutual. they customize your car insurance, so you only pay for what you need. and by switching, you could even save $652. thank you, liberty mutual. now, contestants ready? go! why? why? only pay for what you need. ♪ liberty. liberty. liberty. liberty.♪ go. go lights. go big city lights. go spotlights. go stadium lights. emerson software helps clean energy become reliable electricity.

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♪ stuart: that's the queen's coffin, being taken from central london to her estate in windsor, where she will be buried. this amounts to the last time that the people of england will see their former sovereign, because only the royal family sees the queen's actual burial. that is a private ceremony.

so as the queen's coffin makes its way through rural england to windsor, the silent crowds on the side take a last look at their queen. it's a major event in britain that is obviously shutdown most of the united kingdom. want to keep looking at those pictures, please, and hold on a sec. what i've got for you now is something that really got to me earlier this morning. i'm a former choir boy in an episcopal church in england and this morning those same hymns that i heard 65 years ago were being played in westminster abbey. can we just listen to this? ♪ [singing choir music] stuart: that takes me back. it makes me realize that there's

still some of england in me. i had to admit that i had tears in my eyes watching that. this is earlier this morning. this is a couple of hours ago and i was glued because that took me back. well, they can't be a choir boy before, well you have to be a choir boy before your voice breaks, which is usually, what 12 or 13. my voice broke i think when i was 12, so i left the choir when i was about 11 years old. lauren: i guess they're nine and adorable. stuart: that and the music is so evocative of britain. that is the church of england, the episcopal church in america, that's what it is. that's westminster abbey, and the coffin on its way to windsor i don't want to be crass, but most of england has been shutdown, most of the united kingdom has been shutdown since the queen died, and there is an economic cost to this. again i don't want to be crass, but how much? lauren: think of all of the

security this entails so the cost is $2.6 billion, just consider the fact that the schools are closed, the banks are closed even mcdonald's is shutdown, but then you have to remember there's big tourism dollars coming in offsetting some of the cost you're looking at. hotel prices in some cases have doubled so once the queen passed , once that news broke, some of the hotels really upped their prices. we have to remember that the uk is a country that's experiencing inflation above 9%. so when the morning is done and later this week we're going do hear from the uk's finance and business ministries expected to announce plans to cap energy prices for struggling households , for businesses, and then announce tax cuts worth ten s of billions of dollars to boost growth, and that's going to be -- stuart: excellent. lauren: an interesting for the new administration. stuart: i think they run deficit financing. that's what happens. look whose with us, neil shawn, royal commentator joins us direct and live from london.

historic event take us through it please, neil. reporter: hi, good afternoon, stuart from london and from one choir boy to another, yes, i know exactly what you meant. those hymns just so evocative of what england is, you know? its been a sort of bitter sweet day, in many respects because you want to be happy in some respects simply because we are saying goodbye to a wonderful monarch, somebody that really resonates with every single person and it was an interesting conversation i had with somebody earlier today in the crowd that said, you know, if you bond now today you would have only known by the time you were 10 of course king charles it's going to take a long time for the new king to move forward , because we will always be looking back, so powerful was she. it was a marvelous, you know, send-off event as we say here in england, but just so, so moving but if you just looked at the shear pain on the face of king charles, its been very tough for

him and when you consider, i mean, this is in the kindest way , he is over 70, to undertake the grueling task that he has over this last week, it's pretty amazing. i think we should applaud him for simply getting through and of course the queen consort i think they have done an incredible job this week. stuart: one of our fox commentators, piers morgan, earlier this morning, suggested that king charles would get away from politics, that he wouldn't push his political points of view, that he be a king in the model of his mother. what do you say to that? >> you know, stuart, i think that if he wishes it to survive, that's a spot-on comment. what king harkeneds to do, really, is shut up, learn exactly from what made his mother such a phenomenonal worldwide success, not just as our monarch but as a world monarch in respects and its been nice for him, in his lead up to this , shall i say. he's been allowed political opinions in some respects,

allowed to talk about architecture, climate change, things like that. this is a whole different arena now and he really, if you think about it, both he and of course our brand new prince of wales, prince william, need to make sure they don't tread into very difficult waters not just in business but really, in everything, because what we now want from the monarchy is, you know, basically a clean slate. stuart: exactly. >> you don't need to know their opinions. they are there in a privileged position. stuart: neil i suspect you are the first person to tell king charles iii to shut up, but that's your prerogative, son, thanks, neil see you again. >> my pleasure, thank you. stuart: better check the markets because we're heading into the first trading session of the new week on the downside big time, off 200. the opening bell, next. ♪

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stuart: all right check the futures. look where we're going here we're down across-the-board. we're off nearly 1% for the dow. that's pre-market. keith fitz-gerald joins us now. it's looking pretty grim, keith.

are we going to retest the june lows? >> you know, i wish i could tell you otherwise, stuart, but i think that's pretty much a foregone conclusion. failing to hold 3,900 on triple witching last friday was not good. stuart: now, what the are we going to get from the federal reserve? just speculate with me. is it going to be 75 basis points? hold on, is it 75 basis points? is it 100 basis points? >> they may actually try 100 basis points, a full percentage hike. stuart: 100 basis points? you think that's likely? or possible? or what? i mean really, stacking up some fear in the market here. 100 basis points is doing a volcker. >> well, it's getting close. it is getting close to a volcker , but you know the problem with this fed is that they were wrong from the beginning. they are still wrong now. i think they are miss reading the labor and rate situation just as badly as they misread the transitory thing. so they are sticking to their models which are flawed and broken and everybody knows it except evidently them, stuart so are they reckless?

that's debatable? are they stupid? that's debatable. are they on track? boy i don't think so. stuart: costco earnings i believe are on thursday, key indicator to you? >> absolutely, because this particular company has really held the ball, held the wall, held the line against inflation and done great things for its consumers. if there is any hint, that they are having trouble managing supply chain or inflationary issues, i think that that is going to portray a broader sell-off. that's the thing that may tip the markets down. stuart: i just want to go back to this possibility that you're raising of 100 basis point hike in interest rates when the fed meets this week. i have to believe that's highly unlikely, because to do that would wreck the stock market. jay powell is not exactly keen on that, is he? >> well i can't believe he is either but then again, you know, remember what's happening here. the fed deliberately wants you to lose your job. they want to destroy the demand in this country, and something like that would do it. so if you preclude, forget about

the rates you remember what their mission is, then i think they are just foolish enough to try it. whether it's probable or possible, is a nuance that we'll probably beyond airtime today. stuart: okay, keith thanks very much indeed. we'll break away to show you the opening of the stock market this monday morning. >> [opening bell ringing] stuart: september 19 we're off and running in just a couple seconds and we'll see red ink today. how we close, no clue. that's another story entirely, but we're opening this monday morning on the downside. here is the numbers. we're up 251 points, or 250 points roughly speaking, right from the opening bell. i don't see any winners on the big board, the dow 30, i see 29 losers and one unchanged that's, they've all opened and they are all down. selling across-the-board the dow is off 253 that's about .82%. s&p 500 down .89%, of watch out here comes the nasdaq, down .94% may i remind you last week, the nasdaq was down well-over 5% and it's off another close to 1%

this morning. show me big tech they got to be all of themes down, yes they are , significantly so. biggest loss is amazon down another 1%, same with alphabet, same with microsoft. the smallest loss is meta which is down one-third of 1%. susan li with me. >> hi, good morning. stuart: what's with big tech? >> i was just listening to your interview with keith fitz-gerald and you know, only 20% of the market right now is pricing at 100 basis point hike from the federal reserve. 20%. 80% says we'll go 75 and that's pretty much what the federal reserve has said to the wall street journal which we get a leak now before the actual meeting itself. now, at 3.5% you have the 10- year treasury sitting at its highest since 2011 and that means more money is going into chase guaranteed money on treasuries so they have to sell out of something right and what they are selling out of is tech which has really led i would say the rally that we seen for the last few years. just noting a few analysts this morning reiterating their calls to buy apple, jpmorgan

says iphone 14s are selling way ahead of predictions, and then you have amazon being called a buy this morning by bank of america still as we head into the all-important holiday shopping season. stuart: couple of dip buyers there maybe. a lot of people were doing what i was suggesting one or two year treasuries buy them, hold them to maturity, take your no- risk money and your interest and get a tax break. >> it depends on your timeline so if you have a longer time horizon, maybe you want to take a punt when it's down 20% and you have 30% growth rates in sales. stuart: you got it. there's got to be some nervousness. >> absolutely. stuart: in the crypto community when crypto bitcoin drops to the 18,000 level. >> yeah, so we're close to those june lows, remember we hit 17, 800 or so, so you're looking at three-month lows now for bitcoin, two-month lows for ether as you know ethererum had that ethererum merge, that hype is done by the way, because remember, when ethererum briefly topped $1,900 at its peak over the summer? you have to remember that cryptocurrency now trades like a

tech stock a nasdaq 100 so there is tightly correlation, a tight correlation with risk assets. stuart: i'm afraid that's the case because i bought some ethererum for my grandson. >> again time horizon. he has a long way to go to make money. stuart: 100 years actually. >> there you go. stuart: show me take two please. i know they are the video game folks. what is such a big deal about their new, the new grand theft auto game being leaked? why is it such a big deal? >> have you ever played grand theft auto? its been around for a while, 20 years or so. i think the last big upgrade for grand theft was 2013, but it's a big deal, when you have take two interactive which is a multi-billion dollar company, and by the way, these games cost hundreds of millions of dollars to make. i mean these graphics are incredible right? so you have thefts now, hackers saying we own part of the code, which is a big deal and they are asking for ransom in some cases to get it back, yeah, so think about the hacks we've talked about over the last few weeks

whether it's uber and the like, and that means will they pay in cryptocurrency i think that's the question right now but the point is that cybersecurity is going to get a lift off of this , game makers obviously are looking at this closely, and don't forget there is serious consolidation in this industry, right? so take two is buying zinga for 12 billion, you have that acquisition of activision blizzard, talk maybe amazon was looking at electronic arts and comcast was in those discussions as well so it makes you wonder how much you value these type of game publishers in this type of hack er environment. stuart: very good point. i didn't realize the significance of a leak. autozone reported before the bell this morning and they are up nearly 2%. >> yeah so i want to talk to you about better earnings as well because we're in this high inflationary environment and that means people are going into fix their cars instead of buying new ones that's what autozone results tell us, better-than-expected profit, better sales, and their same-store sales actually

increased by a lot, twice what analysts were looking for , so it tells me that right now, with this not getting your hands-on cars by the way, supply chain is obviously crimping down on the amount of cars on sale. that tells me that people are putting their old cars back into the shops. stuart: fix the one you got. >> exactly. stuart: because you can't get a new one. >> especially if paying how much, what's the premium now on new cars? stuart: what have we got on -- >> talk about porsche because i figure you know porsche because you've owned one. stuart: i used to. >> there you go. stuart: too fast for me these days. >> well i don't know about that stuart: i do. >> you're a speedy kind of guy so it's the biggest european ipo this year talking about $9 billion raising cash in this ipo. valuation is closer to $80 billion, of course volkswagen is spinning off the expensive high-end car company but also, i want to talk to you about the dry-up in ipo's here. have you heard me talk about any big tech multi-billion dollar ipo this year? you haven't, right? stuart: no. >> just because there hasn't

been a tech ipo over $50 million this year and that is the biggest dry spell we've seen since 2008. stuart: peter thiel backs -- >> rumble. that's today, it's a spac coming to market, it's a conservative type of alternative to twitter and youtube and the like and that's a $2 billion valuation only 2 billion which i was surprised by. stuart: all right netflix i know is up this morning. >> yup. stuart: one percentage point now somebody is going to be bullish on them. >> yes so oppenheimer again adds to evercore that we talked about last week. remember mark mahaney says that with the upcoming ad tier that a d-supported tier that will be introduced early next year brings in maybe 40 million new subscribers according to evercore. oppenheimer is agreeing this is a game changer for the stock so calling 325 now for netflix. you could get 30% more in netflix shares because of that a d tier upcoming so remember mark mahaney said 40 million new subscribers so

think about the recurring revenue on that. that's like billions of dollars added to the bottom line. stuart: and they are changing their business model basically that's not a restructuring but a change in the model. >> you can't binge. you can't binge peaky blinders, you used to watch that? stuart: i used to. >> so they can then of course sell ads for each week and episode. stuart: got it good stuff, susan we'll see you later. coming up president biden says what it will take for ukraine to win the war against russia. watch this. >> winning the war in ukraine is to get russia out of ukraine completely, and recognize the sovereignty. they are defeating russia. stuart: can ukraine kick the russians completely out of their country? i'll ask florida congressman and former green beret, mike waltz. according to one british newspaper prince harry's tell- all memoire release is being delayed until next year. is there a chance he could ditch

the book altogether? i'll pose that question to our royal watchers sprinkled throughout the show. ♪ ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

stuart: all right, on the markets this morning they have already opened 12 minutes ago and we've got a lot of red ink but not as much as perhaps some were expecting. the dow is down 100, nasdaq is down 34. not that bad. billionaire investor jeffrey gun latch is no fan of the fed, obviously. what is he saying? lauren: they are going to drive us into a dumpster and i'm quoting here. he says "i've been saying for a long time that the fed does nothing but follow the two-year treasury yield which is what now at 3.9%, now they are watching up the fed funds rate to that level. unfortunately the likes like the fed might overtighten the

fed is getting aggressive to the point they over steal the economy into the dumpster. so it's consensus now, that the fed funds rate will top 4% by the end of the year. i just looked at three different forecasts, citi, wells fargo, goldman all saying the fed does 75 on wednesday. but what's not consensus is two things. how much pain does this cause and after wednesday, after the september meetings they pivot and then say we've got to slowdown three 75s in a row is maybe too much the economy can take or do they keep going. stuart: is it always the era of the fed watcher. everybody is -- lauren: perpetual. stuart: a cottage industry. everybody is trying to figure out when do they pivot. lauren: it's a global game too because look at what's going on in china. they just today lifted the quarantine for 20 million people and hong kong is talking about lifting their quarantine rules and all of this and then you have japan and britain closed so volumes light, china's opening backup, the fed doesn't

know what it's doing or doesn't know what to do. it's a mess. stuart: we don't know what the fed is going to do. let's bring in stephen moore. lauren: he knows. stuart: you know what we're talking about. let me just offer an opinion. i think we're headed for a serious recession. all the factors are adding up for a serious recession. tell me i'm wrong. >> i can't say you're wrong. i'm hoping that it's a soft landing, but all the signals right now seem to be pointing south on the economy, whether it's manufacturing or whether it's construction, housing, you know, looking at the board on your screen with the interest rates rising. here is my response to what you were talking about with respect to what the fed should be doing. yes, the fed has to raise rates and i do expect 75 basis points but here is the problem. if the u.s. congress and the president keeps spending trillions and trillions of dollars, it's not going to matter much what the fed is doing, because they can't possibly absorb all of this

massive spending, so it's going to require, yes, rate hikes by the fed but stuart, when are we going to start cutting government spending? no more student loan bail outs. no more, did you see there's a kind of funny babylon bee comedy item today that said, you know, congress is going to pass another inflation reduction act because the first inflation reduction act didn't work. stuart: yeah. >> we're in quite a pickle right now. stuart: stephen? >> a policy incredibly expansionary while the fed is trying to tighten. stuart: there is surely political risk in the market right now. the president's approval rating has gone up to 45%. the republicans might not retake the senate and may have a hard time retaking the house. that's political risk, because if the congress remains democrat there's no way you're ever going to cut government spend over the next two years, period. >> well look, i'd put the odds at about 90-95% republicans will take the house. i'm at about plus 20 but i think

you're right . the senate is very much in play, but let's say that you're right in this nightmare scenario that the democrats were to hold the house. i think it's highly improbable but if they did, i think it be catastrophic for the market. the market is already priced in, stuart, the fact that the republicans take the house so if we got a surprise on november 8 and all of a sudden nancy pelosi is still speaker, you're right. that be catastrophic and i'm not saying this as a republican. i'm not saying republicans are the solution to all our problems but look at the past 75 years with the market. it always does better, stuart, almost always does better when you have divided control of power in washington not one party control. stuart: we should try to remember that. stephen moore, thank you very much, sir. good stuff indeed. we'll see you later. people are returning to work at the fastest rate since the pandemic began. that's interesting. are employees just getting tougher? lauren: yeah after labor day and we heard warnings from the banks and other companies saying come

on, office use, on average, is 47.5% of pre-pandemic levels. stuart: that's it? that's nothing. lauren: that's it but the highest its been since 2020 and if you look specifically on tuesday and wednesday, the popular hybrid schedule, two days a week in the office, it's at 55%. stuart: but that's it? lauren: yes, most people are remote. it's getting better. the numbers are going up, but it's very low. stuart: that is extraordinary. lauren: how do you get new york city back and all the dry cleaners and delis. stuart: what about commercial represent all space? surely the valley goes down. it can't be because you aren't using the space. anyway, coming up, bill maher, roasted, woke presentism. roll tape. >> liberals accusing conservatives of wanting to whitewash the past and sometimes that true, sometimes they do, but plenty of liberals also want to abuse history to control the president. stuart: interesting. i rarely agree with bill maher

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♪ stuart: this is what people all over the world are watching right now. the queen's casket on its way to st. george's chapel in windsor, where it will be, the burial service will take place there. that will not be public. it is private for members of the royal family only. therefore, this is the final viewing of the queen of england for her subjects. in england and around the world. we'll take you back there, shortly. california's governor newsom says he wants to debate florida 's governor ron desantis. the wall street journal editorial board is encouraging this saying they might not be lincoln douglas, but they would still be instruct ever. well, look whose here. congressman byron donalds republican is from florida, but he came all the way up to new york, so he could sit next to me right here. its great to see you. >> it's good to see you, live,

too. i like this. stuart: [laughter] do you encourage newsom, desantis debate? >> i always encourage debate. i think those two gentlemen sitting side by side going through the issues of the day would actually be very very informative for the american people because you cut through the noise and the clutter that is media. not you, but big media. you're excellent. you would get an opportunity to have energy policy, policing policy, taxing policy, so many of the things affecting the american people. overall we should get back to the lincoln douglas debates instead of having reporters chime in all the time, have these people actually stand in front of the american people, these candidates, these politicians, and go into depth about their ideas and why they think this is the best thing for america. stuart: do you think newsom/ desantis matchup , what would happen in 2024? >> no, but i think -- stuart: preview to 2024? >> no but i think you could sell pay-per-view buys on that

one. i think that be good. stuart: that's like boxing, right? what's wrong with that? now with 50 days until the mid-terms, the president's approval rating has gone up to 45%. do you think it's time for the republicans to press the panic button? >> no. stuart: what are you going to do about it? >> well listen a couple things. get back to basics. number one look at the light bill for every americanment it has sky rocketed. electricity prices are up, food prices are up, things really hurting the american people, they still exist. what has happened here is distraction by the media. you want to talk about mar-a-lago, obviously the death of queen elizabeth, god rest her soul, all she's meant to the world and the people of england but there have been distraction points for joe biden. i think when it comes down to it , when americans are forced to make decisions between republicans and democrats, they will see what democrats have done, and it's not been good for people. stuart: what should be the main thrust for the republicans in november? what's the big issue that they

will push that speaks to every american voter? >> you have to get inflation under control. you have to get prices under control, because it doesn't matter if you're a republican or a democrat you're white or black, rich or poor, high inflation hurts everybody, especially the poor, more than anything else. that's number one. number two, safe streets and safe communities. if people are living in fear of the cities they live in, and democrat policy won't reverse course, why would you continue to do the same thing, expecting a different result? stuart: just wait for you to get your electricity bill at the end of november, or the end of october, for heaven sake, because it's going straight up. i don't care where you live in america, your bill is going up. >> that's right absolutely. stuart: last word to you? >> my word? stuart: last word to you. >> listen folks just go vote republican. enough is enough. we've seen how bad this policy is but again if you look at our economy, we should be growing right now, but we're not, because of terrible democrat policy in washington d.c. those are the facts. stuart: the rest of the country should look like and feel like

florida, but it doesn't. byron donalds thanks for joining us, sir and come back to new york anytime you look. >> thank you. stuart: still ahead, governor mike huckabee, florida congressman mike waltz, miranda devine and steve forbes. the 10:00 hour of "varney" is next. ♪ . .

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