november. maria: of course there is the wide open border, rob. >> wide open border, but maria, what you said before, bring back disco. i could deal with that too. todd: we disagree there. maria: for sure. disagree, come on, todd piro, great to be with you both this morning thank you so much. have a great monday, everybody. happy new year to all of you as well. "varney" & company begins right now, stu take it away. stuart: all right, good morning, maria, good morning, everyone. here we go again. first day of the week and you want to know itch it's going to be another rough day. at the opening bell it does not look that good. the dow industrials right now looking at about a 70 point loss , nasdaq down what about 10 or no, just 1.5. it was much worse than this earlier in the day. the dow futures had been down 200 now we've recovered somewhat two questions. will the fed keep raising rates aggressively? i don't know. it's all speculation, and are we on the verge of capitulation selling? a really big wash-out?

i don't know it's all speculation but the anxiety level on wall street has rarely been higher. so, the dow is going to be down, s&p down, nasdaq down. strangely, bitcoin has bounced a little. you're just back to $19,000 per- coin. as for treasury yields well they are still a big problem. the 10 year yields 3.75%, just as importantly, the two-year now yields around 4.3%, almost 4.25% on the two-year. let's get to politics. if democrats were hoping the abortion issue be their ticket to a win in november, maybe they should think again. an abc poll shows the economy, education, and inflation are way out front of abortion. as key issues to voters, 401 (k) owners will not be happy either. the market route has cut the pension money of 100 million americans. in europe, the shift to the right continues. georgia maloney is likely to become italy's prime minister.

she leads the conservative brothers of italy party. last week swedish conservatives won the general election there unexpectedly. two editorials coming up. at 10:00, the administration is going the wrong way on all the key issues. that's my opinion. inflation, the economy, the border, they got it all wrong, but it will never, they will never admit it weeks before an election. at 11:00, a berkeley professor tells the united states senator that he is inciting violence if he asks can a biological man have a baby. if a professor at a supposedly prestigious university will not allow a simple question, do we have free speech? monday, september 26, 2022. "varney" & company is about to begin.

♪ ain't no mountain high enough, ain't no mountain low enough ♪ stuart: i'm here with lauren, instead of paying attention, to sixth avenue new york city on a bright and sunny day so here we go. let's get started. it is monday morning, and look what we've got for you. the price of gas going back up. lauren: uh-huh. stuart: how much are prices up say in the last week? lauren: about a nickel so gas, as you just saw cost $3.72 this morning. it was 3.67 a week ago, pump anxiety is returning. here is why. hurricane ian, russia controlling the gas spigot with the news of the draft essentially in russia when prices started to rise last week and gasbuddy says yes this is going to happen temporarily blaming refinery issues particularly on the west coast. stuart: okay thanks very much lauren. check futures again, please. we've just taken a little bit further dip to the south land down maybe 100 points at the

opening, a lot of volatility this morning but it's all down. jeff sica with us this morning. sit time to sell, jeff, just get out and walk away? >> i don't think it's time to just sell and get out and walk away but i think i woke up this morning feeling like i was figuratively waterboarded by the market last week, so for me to stay in this , it's going to take a lot of fortitude for investors to stay and it's going to take a lot of fortitude as far as selling, what i would say is i anticipate the market is going to rally. there was a lot of, i watched the option markets last week. there's a lot of put buying. the market will rally. i would say for investors, they should look to reduce their positions during the market rally because it's going to be a bear market rally and it's going to be fake and i'd say use it to get out. stuart: is the fed making a big mistake by continuing to raise rates aggressively? is that a mistake? >> the fed, to define what the fed has done is to define the fed as being one big mistake

they've made one mistake after another. they should have been raising rates almost two years ago, but they're starting to do it now, and i think, you know, i've said before that the fed is now trying to makeup for lost ground that's going to be very dangerous, because not only are they raising rates, they're also not buying bonds, and you're going to see bond prices decline , yields advance, and that is going to be one of the major factors in where the market is going to go. stuart: if we're still in a bear market for stocks, we have a little way down south to go, where do you put your money? if it's not stocks, what do you buy? >> well first of all i haven't owned the bond i've said this on your show before, i haven't owned the bond since i had a mul le text driving a camaro and listening to cassette tapes of journey so i haven't been in the bond market for quite a while but what i would say is now you're seeing

two year yields around four, 10 year yields around 3.8 and they are going to go higher because when you have an inflation rate, an inflation rate of 8.3, you're going to see bond yields go higher, prices go lower, so there's going to be a time to buy them, but everything is about risk reward. stuart: but if you buy a short-term treasury, you buy one year treasury, you're stuck for one year, but you don't lose money because it doesn't matter the value of that one year goes down because you hold it to maturity. >> yeah, i would say put on your journey and your madonna and think about buying the two year, you know, owning bonds, owning them for two years, and riding this out, because as the fed shrinks their balance sheet, it is going to be like i said in the beginning, like being figuratively waterboard. it's going to be tough. stuart: it's going to hurt? >> it's going to hurt and anyone who says it's not is kidding themselves.

stuart: okay. i think that's the last word. thank you very much, jeff. good stuff. let's get to politic, shall we? some big name republicans are hitting key locations, all ink across country in coming weeks. lauren? sure looks like the people on our screens are gearing up for 2024 run. lauren: it looks like they are. we'll start with former vice president mike pence. he's going to iowa again. he will be there on thursday speaking at a republican gathering. former u.n. ambassador nikki haley is in battleground nevada on wednesday and senator ted cruz in iowa, nevada as well as new hampshire this week. part of his blast across 17 states, stumping for two dozen republican candidates this fall so there is speculation because they are hitting the early primary states that maybe they will put their hat in the ring for the presidential. stuart: it's a little early isn't it? it's september 2022. there isn't an election until november 2024. presidential election.

lauren: right. stuart: does it normally start this early. lauren: but they are all supporting republican candidates for november and let's say they do well, that makes them look better for the republican party. stuart: jump in early. lauren: people are talking about it. stuart: i want to get to that new poll that came out this morning from abc for heaven sake. it points out that the top issues for the mid-terms are the economy, education, inflation. come on in charlie hurt. we need you this morning. what does that tell you about the mid-terms if those issues are way out front of abortion in terms of voter care. >> good morning. i think that it tells you what certainly what i believed all along, which is that republicans are in a very good situation right now. obviously, in terms of the senate just because of the way the map looks, they have certain challenges, but in terms of the issues and the environment, republicans are in extremely good position to pickup seats and i would say take both chambers handily. when you talk to voters, they

talk about crime. they talk about inflation. they talk about gas prices. these are the things that matter to people. the only issue that democrats want to talk about is abortion because they have a perceived, their perception is that's the only area that they have any standing in whatsoever and if you go out there and you listen to candidates on the campaign trail now, voters are, they just want to talk about crime. they just want to talk about inflation. they just want to talk about the kitchen table issues that they can see themselves and they feel and then as soon as the reporter comes into start asking questions, all the reporters ask about is abortion, because the mainstream media has been trained by democrats that that's the only issue of this election and it's not. even if you talk to democrat voters, that's not what they care about. what they care about is the safety of their families and the financial security of their families and then of course education as well. stuart: charlie i was saving this one just for you. hillary clinton is back with

another deplorables comment. >> [laughter] stuart: hold on a second. watch it, charlie. roll tape. >> how did people get basically drawn in by hitler? how did that happen? and i'd watch news reals and see the sky standing up there, ranting and raving and people shouting and raising their arms. you saw the rally in ohio the other night. trump is there ranting and raving for more than an hour and you have these rows of young men with their arms raised. i thought what is going on? stuart: um, all right, charlie. have at it. >> she's so desperate to remain relevant in any way and so she'll say the craziest things. you know, when i first saw the headline about this story last week, i thought well, maybe she's talking about joe biden and that creepy speech he gave in philadelphia with the red background but then you listen to it and that isn't what she's talking about.

she's talking about a trump rally, and the thing that's so amazing here is, i think it reveals how desperate the party is to try to change the direction of the election because they're wrong on every important issue, so they have to resort to slime like this , and it's so disgusting. it's so desperate, and their desire to portray trump and trump supporters and republicans as racists and we saw this in the glenn youngkin race last year. they try to do it and it doesn't work. people see through it and democrats resort to hiring staged white supremacists to send them to campaign rallies for republicans in order to sort of support their wild, crazy claims, and i think that voters see through it. it's desperate. it's disgusting. it's hurting the republic. they need to stop, they need to be serious and start addressing these issues and, you know, i'm not saying republicans have the

right answers about everything, but they need to argue about serious issues. stuart: just don't hold your breath about the democrats admitting to what they're doing. charlie hurt thank you very much for joining us. come see us again soon. >> thank you. stuart: check futures, please. it's monday morning, coming off an awful week. we're going to be down again on wall street, when it opens in what about 18 minutes time. coming up, president biden's advisor, kesha lance bottoms going after the mega agenda, mag a agenda, i should say, roll it. >> what we see again with this maga republican agenda is an effort to disrupt our democracy. it is a danger to our democracy. it is a danger to our way of life. stuart: all right, but i would call that extreme language, and uncalled for. and then there's this. speaker nancy pelosi made a surprise appearance at a music festival in new york city. the response she got probably wasn't what she was expecting.

♪ this is an sos, you want to second guess, this is the bottom line ♪ then i got the dexcom g6. i just glance at my phone, and there's my glucose number. wow. my a1c has dropped over 2 points to 7.2. that's a huge victory.

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♪ stuart: you know, we always bring in shots from around the country and most of the time it looks kind of beautiful. lauren: where is that? stuart: that is harrison, tennessee. it's only 59 degrees, fall has arrived, folks. we're really feeling it. look if you like the music we play on the show follow us on spotify, search "varney" & company or scan the qr code on your screens right now, free music, folks. check futures as we approach the

opening of the market after a series of down weeks on wall street, we're opening up the new week with more downside movement dow is down about 90 points at the opening bell and it's well- below 30,000. crimes an issue in the mid-terms dr. oz making it a focal point in his race against john fetter man in pennsylvania. nate foy has been following this >> well i can tell you that the latest poll has fetterman up by five points but dr. oz is closing that gap by campaigning on crime and he says the people of pennsylvania will be less safe if fetterman wins this campaign. >> john fetterman is probably the most pro-murderer candidate in america. he believes that we should be releasing one-third of prisoners from jails that he doesn't think that life sentences make sense for convicted murders. >> stuart, oz criticizing fetterman for specifically granting two brothers kelly loeffler answer it last year after convicted of second degree murder so you see the two

brothers right behind him during his speech over the weekend at a rally. the brothers maintain their innocence which led fetterman to take this shot at dr. oz. >> what does it say about a person's character if they will fight to make sure that innocent men will die in prison versus a man that will fight to make sure that they're able to get back with their families. >> [applause] >> that's the choice. >> now crime in in philadelphia pin continues to be a big issue, this is a wawa gas station from over the weekend you see people ripped it apart nobody was arrested after this. police say retail theft is up 54 % this year thankfully nobody was hurt there. dr. oz also getting support from the nearby york county da dave sunday tweeting this weekend, pennsylvania needs a u.s. senator that supports police and prosecutors. dr. oz understands that if

citizens are unsafe nothing else matters. he has my full support. now fetterman has not announced his next campaign event. we do know dr. oz is in philadelphia for an event coming up in under a half hour at 9:45 stuart. stuart: is oz closing the gap at all with fetterman? >> well there was a poll last week that had oz within two points, but other polls prior to last week, there was a much bigger gap, so overall, the trend is yes, he's closing the gap; however, compared to the most recent poll, there is actually a three-point advantage for fetterman. stuart: key race. lauren: most expensive race more than $80 million. stuart: enormous amount of money the republicans released their commitment to america plan and it focuses on the economy, reducing crime, and having more government accountability on your screen, you can see it. david avela is with us. the media dismissed this plan calling it vague and president biden dismissed it as thin. what do you say to that? >> it's a key step towards this continued trend towards republican candidates.

we see that the generic ballot republicans continue moving up and with the most important group of voters, that being independents with crime and economic issues being the key issues on their minds, this commitment to america put out by leader mccarthy and house republicans is a step in the right direction. stuart: i get the impression that the president got a nice bounce in the opinion polls after his inflation reduction act, but that bounce is over and i think it's the republicans who are now getting a bounce. now i'm saying this on no evidence. what do you think? >> you're spot-on. not only do republicans have the advantage on the issues most important in polling to independent and swing voters. we have also independents saying that it is joe biden's policies that have gotten us where we are , and you have joe manchin who got completely taken by

progressives to pass this inflation increasing act that he convinced congress to pass that now, we see gas prices are now back on the rise, food prices are continuing to be on the rise. all issues that now voters prefer the republican position than the democratic position. stuart: david avela, thanks for joining us sorry it's so short but it's a big news day, thanks. >> understand. stuart: i want to get back to speaker pelosi who made this surprise appearance at a music festival in new york over the weekend. you got the story, what was the crowd's reaction? did they boo? lauren: they did and i know someone who was there sitting right by the stage, and showed videos of speaker pelosi getting boo'd. big event to raid awareness for poverty. speaker pelosi was talking about the $370 billion that was just passed for climate change, but you couldn't hear what she was saying, and as we play this video you might be able to

hear the boos of the crowd. >> [boo] lauren: it was described as very awkward, mariah carey was there, the jonas brothers, and all these great performances, metallica, people who attended they said there was too much talking, by everybody, and not enough music, and they're here all day for this major concert, but they felt like they were just bombarded with the message. stuart: that's why the audience boo'd them. lauren: could be one of the reasons maybe pelosi is not popular with her party. those are likely democrats in the crowd. stuart: maybe that's another explanation. lauren: we don't know. stuart: let's have a look at futures we have six and a half minutes to go dow is down about 80 bottom line there's a lot of red ink this morning on the left-hand side of the screen the opening bell is next. ♪

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stuart: well, the markets about to open. it'll be on the downside, and keith fitz-gerald joins us this

monday morning. keith, what's the best thing to do right now? absolutely nothing? sit on your hands and walk away from the market? >> i wouldn't walk away but i am absolutely right there with you. people forget that doing nothing is very viable alternative, stuart. stuart: does the fed run the risk of pushing us into depression? >> that's a tough question. there is zero doubt in my mind that that's the game at stake. zero. stuart: well i've used a very strong word. i've used the word "depression." do you think the fed is going to push us into depression? >> well, again, i think that that risk is growing by the minute, because they're on a one-way train track to nowhere. they are raising rates at a time where every element of the system is busted, stuart, and that causes me serious serious heartburn and i don't get that very often. stuart: have they made a serious mistake? >> oh, i think they've made many serious mistakes. they already caused the next

three crisis. they got transitory wrong that's going to be studied for one hundred-plus years as to how not run a fed, now raising rates at the wrong time and continuing with the damn the torpedos policy despite overwhelming evidence it's not working. stuart: where does the sell-off stop? >> the sell-off stops literally and i don't mean to be flippant about this. it stops when the sellers run out of gas and that's a function of leverage. how much are they betting, because in the global financial crisis, you could have the fed put. we don't see that this time. the fed wants to crater the economy. stuart: would you like to tell us how far down you think we still have to go? >> i think 3,450 is going to be a serious line in the sand, take out the june lows unless there's something there. china and russia both continue to worry traders in the short-term. stuart: so okay, that's a short-term sell-off and who knows about the long term. negative outlook, shall we leave it at that, keith? i think we better do that. >> yes.

stuart: we will see you again at some point, thanks very much indeed. >> thank you. stuart: we've got about just a few seconds to go. let me sum up where we are. all the major indicators are going to go down, that follows four or 5% losses last week. it follows the dow going into bear market. >> [opening bell ringing] stuart: it follows the dow going below 30,000 and the nasdaq going below 11,000. there's been so much red ink in a brutal two-week period, and it probably isn't over yet. at least at the opening bell, that's right now, we're going down. i'm showing you all the dow 30 stocks. i do see some winners but i don't see many, i see a lot of losers too. intel, honeywell, home depot and salesforce, are on the upside but only just the rest are down. the s&p 500 has opened with a loss as well down nearly a half percent there, and the nasdaq composite is down a quarter percent, a loss there, but look at the level, 10, 800. where is big tech always have to show it to you that's where the money is. apple below 150.

amazon below 115. meta $0.11 higher, alphabet below 100, microsoft below 240 how about that? amazon, put that on the screen, please, because they've just announced the date of their second, i'm not sure whether that helps the stock or not but when is the prime day? lauren: october 11 and 12, so that's when prime subscribers get hundreds of thousands of holiday deals. they always do this in the summer, now they are doing it before black friday. this is ultimately the way to black friday, right? sweet deals up to 80% off fire tv's, alexa devices and deals on peloton and new balance, but the fact that they are doing two major events in one year shows that they have a lot of inventory and they realize that customers are always looking for a deal with inflation and they might want to space out their purchases or start earlier before the holidays. stuart: does it kill black friday? >> definitely. in my opinion almost the deals keep getting better but then you hear from target they are price matching everything you buy from october 1 through the holidays.

so if the deal gets better they will match it. stuart: i want to see the big winning group and i found it. it is the gaming stocks, as in casinos. they are up big today, look at that list. lauren: whoa. stuart: 18%, all of this clearly is because of more good news from macau. lauren: macau is opening to tour groups originating in china, in november, for the first time in nearly three years. think about the demand coming from a country where you essentially haven't been able to do anything for three years, and now all of a sudden you can go gamble? they are excited about it. stuart: it's a big stock in macau, got that let's move on. lyft. put that on the screen, please. i'm being told that people prefer uber over lyft. what's the evidence? lauren: ubs looked at data and it showed uber has a much greater market share, most people know that but the drivers prefer it, because they can make more money, because it's more popular, and also, they onboard

their drivers quickly, so the reason lyft is down is because with that information, ubs downgraded lyft to neutral and took the price target, which was at 50, all the way down to 16, so it's above where it is now but that was a big cut of the price target. stuart: look how uber has come down since it's very promising ipo. it's only at $27 a share right now. move on. apple. i know that they are building their iphone 14 in india now. is that significant? lauren: well because yeah, because they are shifting manufacturing more out of china so foxconn is their major assembler of the iphone and they have a factory in chenai, making the iphone for years in india, but it's the older iphone. now, india is making the new one , and jpmorgan is forecasting that india will make a quarter of all iphones by 2025. not only is it a blow to china, but this is a way for apple to get more indian consumers into its echosystem and really sell more to that market and their

billions of consumers. stuart: tim cook has a tough job managing the relationship with china. lauren: explain that to china. stuart: thanks, we got a number of companies reporting earnings this week. what are we looking at? lauren: this is the calm before the storm because this is second quarter. you get nike, micron, car max, that's all on thursday. third quarter earnings season, which starts mid-october, that's when you start to hear companies and their ceo's say we're really feeling the impact of three 75 point increase increases in a row for interest rates and you'll also see the impact in the economic data, tomorrow new home sales for august, durable goods for august and consumer confidence for september. stuart: we've got a couple of market watchers coming up on the show today who say watch out when you have these earnings declines, revision in the earnings outlook. in other words, companies are going to say we aren't going to make as much profit as we thought. lauren: it's the next catalyst but the catalyst after that is the mid-term elections so it's entirely possible that the end of the year, things go backup,

based on what happens. stuart: [laughter] all right only time will tell. elon musk, he's got his deposition on the twitter thing today. it's actually today. is he going to be there in person? lauren: we're not sure. he's going to be either in- person or via video and zoom in and that's when twitter lawyers will in you're interview him. why did you ditch your $ 44 billion deal to buy twitter so it is today, tomorrow, and might extend into wednesday. it's not public but oh, how i wish it be public. can you imagine what he's going to say? i mean, a corporate litigation attorney compared this deposition to trying to hold a tiger by its tail. he's going to be combative and he's probably going to go off the rails and maybe that's why it's not public. i have no idea but to be a fly on the wall. stuart: who knows maybe there will be a leak. lauren: or two. more to come. starts soon. stuart: thanks lauren. we've been in business for just over five minutes the dow is down 66 points, 29, 500. which are the dow winners?

are there any? i'm sure there are some and here is the list. salesforce, home depot, walt disney, boeing and 3m all on the upside, and 500 winners, wyn n resorts las vegas, you do have a carnival cruise line at the bottom there, but the real big movers are macau gambling stocks. nasdaq winners zoom is back, okta is back, paypal, align technology and autodesk on the list. i really would like to see the 10 year treasury yield, show me please, it's 3.75%. lauren: this is the ninth week in a row that the 10 year yield has gone up. nine straight weeks. that's it investors are hiding out. stuart: price is up, bond yields down, how about that? lauren: other way around. down, bond yields up. stuart: wash out in the bond market as yields go up. one of these days i'll get it right. i've only been doing it for 45 years and the price of gold is at 1,653.

bitcoin, $19, 100. the price of oil, still well- below 80 bucks a barrel $ 79.62. nat gas where's that this morning not doing much i don't believe. it's down 4%. all over the place. the average price for a gallon of regular gas is 3.72 gone up overnight. actually its gone up for five days. diesel $4.89 on average. here is what we have for you. authorities seize nearly a million fentanyl pills. last week alone. one plan was arrested after authorities found 90,000 pills in his car. nothing is being done to stop this deadly flow. the governor of california, gavin newsom, now allowing illegal migrants to get state id cards. that will allow them to get other benefits all on the taxpayer dime. former white house press secretary jen psaki has a bleak outlook for democrats ahead of the mid-terms. roll tape. >> look, i think that democrats , if the election is about who is the most extreme, then they're going to win.

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just use this...or this to call unitedhealthcare about an aarp medicare supplement plan. stuart: the markets are not in rally mode. the dow industrials are down 111 points but look at the nasdaq. all of a sudden its gone green. it's up 74 points. go figure. crypto lender voyager digital filed for bankruptcy way back in july of this year, and today, or this week i should say, the chief financial officer has resigned. what's all this about? lauren: yeah, ashwin pritpal was his name he barely worked at the company for five months but the firm wanted to pay

$2 million in retention bonuses to 38 employees during its bankruptcy and the creditor said no way. it's interesting, because voyager never gave out the pink slips that we saw from coinbase and some others in the crypto space. the crypto space is doing well today. there is interest in voyager's assets. they are bidding right now and the results of an auction will be on thursday. stuart: okay but people who have voyager accounts, crypto accounts their money is stuck. lauren: yeah, it is. stuart: that's the case. we have one of those people with us this morning, nikki besetti is back. we've been following her crypto investments over the past couple of years, and nikki joins us now forgive me for asking, nikki, but how much of your money is stuck in voyager? >> hey, thanks so much for having me. i have about thousands of dollars stuck on voyager. stuart: what proportion of your overall investment portfolio is stuck, you can't get at? >> i would say 5% of my

investment portfolio. stuart: that's it, okay. do you think you'll see the money again? >> i hope so. i mean, i know they're going through bankruptcy proceedings. i don't know how long that's going to take but i think it is unfortunate that i'm not able to access my money and it's the case for many other people as well. stuart: has this put you off cryptos at all? >> i think it does make me more weary into which brokerage accounts i open up. for example, i opened up voyager because it offered interest on my crypto. this is not something that coinbase offers, which is why it was so lucrative to me, but that ended up not being that great, because they were using that money for things that they shouldn't have been doing. stuart: but i mean, look, crypto s are way, way down, pretty much all across-the-board doesn't that give you some pause for concern? 18,000 on bitcoin now, down from

a high of 68,000. that's a crash. >> i think with crypto, like there's always this downward trends. like crypto tends to peak once in every four years, which is one bitcoin, so i think next time we'll see crypto bounce backup to those levels is probably end of 2023 or early 2024. stuart: and you're staying in? >> yes. i've kept my positions. i haven't sold anything yet. stuart: why did you move to miami? >> yeah, so i work in the tech industry and my job allowed me to be remote, so i decided to move and miami also has a lot of tech and crypto communities here they also host the bitcoin conference every year, which i was able to attend so i think it's a great city for people like me who are really passionate about crypto and tech stuart: okay, you say you've got 5% of your money locked up in voyager. that was in crypto.

forgive me for asking but how much of your total portfolio of all of the money you've got, how much of it is in crypto? >> i would say 40% of my portfolio. stuart: and the rest is in stock s? >> yes. stuart: so you've taken quite a beating over the past few months >> yes, i have. stuart: i'm surprised to hear that you don't have any second thoughts about crypto. you're still a major league believer. >> i would say i'm becoming more cautious now on like which coins i invest in and even what nft' investment as well. i think in the past couple months i've seen this downwardcn crypto but i've still held the amount that i have. stuart: thanks very much for joining us and being thoroughly honest about your money. great thing to have on the show. >> thank you. stuart: nikki bessetti.

see you again soon, thank you very much. more on crypto. california's governor newsom vetoed a major crypto bill. lauren: uh-huh. stuart: what would this bill have done? lauren: it would have gotten customers the best price when a crypto broker was executing a trade for them. it would have banned stablecoins which are pegged to the dollar and the california legislator green-lighted the bill and then the governor vetoed it and said it be stifeling for the industry and move the crypto players out of california. when has he cared about that before, with any other industry, and might have something to do with florida. miami is positioning itself as the crypto capitol of the u.s. , of the world, and he's competing with desantis. stuart: he is indeed. coming up, a member of the fda's vaccine advisory committee says young, healthy people, don't need the booster. roll tape. >> who really benefits from another dose? a healthy young person is unlikely to benefit from a boost er dose.

stuart: wait a minute. that's complete confusion. who are we supposed to listen to doc siegel is here to sort it all out. a democrat just endorsed republican governor ron desantis ' re-election bid. palm beach county commissioner dave kerner is here and will tell us why he crossed party lines. ♪ ♪

stuart: 21 minutes into the trading session i do see some green for the nasdaq, not bad it's back up to 10, 960 the dow though still showing a little red. market watcher dorey wiley is here today. this is the gentleman with the fine texas accent, you know? i'd like to put these guys on the show occasionally. good morning. >> good morning, good to see you. stuart: oh, what a great voice. that's fantastic. i can get a much-better return on a one-year treasury than i can on most stocks through their dividend. so what's wrong with the one- year treasury? >> absolutely nothing. in the last 30 days particularly the last two weeks, the number one question and problem we're dealing with as investors is what do i do with my cash, what

do i do about this two year yield and we're saying it's highly inefficient so manage it. you've got nothing but downside coming in the treasuries and in stocks, probably, with two more rate hikes of 75 basis points. make sure a and manage your cash you're looking at most brokerage accounts not getting anything probably still less than a quarter of a basis point when they should get two, three. stuart: so the cash, money-market fund is not the place to be because there's no return on it. you're saying get into some bonds and manage the bonds. get into treasuries and manage the treasuries, right? >> that be the most efficient. now you can go to your local bank and say hey, i'm stuary varney, i've got a little money here what's your premium rate? go to the ceo of a community bank. they will pay u2 .5 maybe even 3 % so that's pretty good or you can look in some other areas such as sally may. if you go to sally mae website they are paying 2.25 and that rate will move up in the next week.

stuart: let's suppose you have a long term perspective and by that, i mean, five or 10 years down the road. you can stay in for five or 10 years if you really want to. what's wrong with buying some of the big name stocks that have been thoroughly beaten down in the last few weeks? buy them now and hold them. what's wrong? >> well first of all, that premise is pretty tough because not many people can do that other than warren buffett, right so having said that though, what's wrong with buying microsoft here at a 52 week low and finally below a 20 forward p e? if you're looking to get into microsoft or consumer staple like walgreens so i get paid while i wait close to 6% yield, or go with energy like warren buffett has. he's over in oxy, that'll probably be taken over but move over to pioneer you get a 16% yield in the stock. stuart: 16%? >> 16% is trading at a single digit forward pe, and even if oil goes down to 60 that stock will get you five or 6% yield.

stuart: as i understand it, only 16% of the s&p 500 stocks have a dividend yield higher than a one year treasury. is that accurate? >> that's correct except the numbers probably a little bit lower today because the yields been popping up. stuart: so in other words dividend paying stocks, they aren't really as good as solid treasuries at 4% for one year. >> and we've got a little bit of current downside coming too as well, so if i'm going to be in the stock i want to get paid while i wait for this volatility to play out. stuart: but you have no idea how many people criticized me for saying do the one year treasury. no risk and a 4% return. >> that is the exact rhetoric i've had with umteen investors in the last few weeks. stuart: they're right because inflation is running at 8% and your return is 4% so you are losing ground. my point is he who loses least wins. absolutely. it's all about the benchmark, right? who wants to play football and not keep store. stuart: i wish i could do your accent. i'm not going to try to imitate

it because the audience wouldn't like it so we have lots of viewers in texas. >> we can swap accents and i'll sound much smarter. stuart: give me good morning, stuart, in english. >> good morning, stuart. stuart: not even close. come back soon and do it for us, dory, it was great fun thanks for having us. still ahead look what we've got for you. matt schlapp, kt mcfarland, miranda devine, dr. marc siegel, all in the 10:00 hour, which is next. ♪ ♪

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♪. stuart: adele. i love her voice. so we play it sometimes. good morning, everyone, it is 10:00 eastern. straight to the money. we're on the downside. for the dow at least. nasdaq has gone straight up 121