this reversal of fortune this morning we were down when the show started. we're looking at the market rally here going into a big week of earnings and economic data. >> there is so much negativity across-the-board i think the market is actually poised to snapback and it'll snapback very quickly. maria: all right we will leave it there dagen mcdowell, adam johnson, charlie hurt great to see you all thanks for being here and thank you for watching we'll see you again tomorrow same time, same place, "varney" & company begins right now stu take it away. stuart: good morning, maria, good morning, everyone. i must admit to being a little nervous first thing this morning the market was heading south, looked like it be a continuation of friday's big sell-off however stocks have come all the way back. i'm going to call this slightly higher at the opening bell. dow is looking for 100 point gain, up 11 for the s&p, 24 the nasdaq. modest gains. today, look, it's all about the fed. on thursday, it's going to be all about inflation with the consumer price index, and on friday, it's going to be all about the banks and profits. over diagnoses hanging the whole thing is the growing threat of

recession. take a look at energy prices, yup, still going up. the price of gas closing in on well oil is at $92.49 this morning. gas closing in on $4 a gallon, you're at 3.91 now. california by the way they caught a break. their average price for regular dropped to 6.33. diesel, this is important, as predicted has hit the $5 level. 5.06 is the average now and that's up $0.20 in a week. dreadful news from ukraine. a humiliated putin is firing rockets at civilian targets and power plants in kyiv. wave after wave of incoming has been hitting ukraine's capitol. putin wants revenger for the destruction of his pet project that crimea bridge. we're waiting for a white house response to putin's terror. in new york, two teenagers shot outside the home of gubernatorial candidate lee zeldin. this happened in the quiet suburbs of long island. this highlights the crime issue four weeks to the elections.

also in new york, migrants bus sed to the city from the border are going to houses knocking on doors asking for food and clothing. the mayor has declared a state of emergency. this highlights the border crisis, four weeks from the elections. it is monday, october 10, it's columbus day or in 10 states indigenous people's days. "varney" & company is about to begin. ♪ ♪ stuart: "build me up buttercup" long time since i heard that particular song. look, it is sunny in new york city. now, let's check futures let's see how we get along this monday morning. i see some upside movement right there. up 100 for the dow, 14 for the

nasdaq. modest gains. now, the market is up a little this morning, after last week's big sell-off, and it's up ahead of a big week, with bank earnings and the consumer price index coming on thursday. jeff sica is here and he's going to tell us about the fed. jeff is a big hitter and he's going to hit the fed big time today. has the fed in your opinion, is it the fed that's driving us over a cliff to recession? >> they're not only driving us over a cliff. the other ones who built the cliff that we're driving over, i would describe the fed as a petulent two-year-old that's not going to stop doing what they are doing until they break something whether it's credit suisse or the british pension funds. they're going to break something they should have been doing what they're doing now a year and a half to two years ago. now, they have an economy, they have inflation that's like a speeding ferrari, and instead of tapping the brakes to stop it,

now, they have to slam the brakes right before a cliff and they've put us in a bad, bad spot. stuart: okay, it is your idea, your opinion, that we are going over the cliff? we're going into a very nasty recession, no way around it, is that your opinion? >> yes and the fact that they're doing this , they're raising rates in an anti- business, an environment void of growth puts us in a very vulnerable position and i think what's going to happen is we're going to need to hit a wall for people to realize they call it capitulation in the stock market. there needs to be capitulation in the economy for people to realize that things have to change. stuart: okay, stay there, please got more for you later. moving on, crime in new york. it continues just dreadful. there was a shooting outside congressman lee zeldin's long island home. tell me more. lauren: officials say there's no connection between the shooting and the zeldin family. lee zeldin's twin 16-year-old

daughters were home alone yesterday doing their homework, when they heard shots so they ran upstairs to a bathroom for shelter and they called 911. just 30 feet from them, two 17- year-old boys were shot in a drive-by and they lay injured under their front porch in a bush. >> it hits really close to home when it shows up on your front doorstep. i'm standing in front of crime scene tape in front of my own house. you can't get anymore outraged than right now. lauren: clearly, he's made crime a central theme in his gubernatorial campaign against democrat kathy hochul but when it hits home and it is hitting people in the suburbs, they might be even more motivated to go out and vote. stuart: got it let's bring in mercedes schlapp joining us this monday morning. mercedes, in new york state and city crime is a very big issue. is it such a big issue in the suburbs and in rural areas elsewhere in america as we approach november? >> look, i think you're

starting to look at the polls and it's saying that three- quarters of the voters believe that violent crime is a very important issue when it comes to the mid-term elections. you know, not only is it the suburb areas, but looking into the fact that people don't want to go into the cities any more, because homelessness has spiked. you seen murders spike in these areas, burglaries especially in the suburban areas, so this idea of crime, what's happening with crime is impacting even those beyond the cities and i think for american families, they are saying look we've got to put safety first. we have to put security first, and what's happening is is that when you have a border out of control, that also adds an additional stress to this idea that our cities are safe, that our suburbs are safe. it's a much broader issue and it is going to be a very important issue come mid-term elections. stuart: i sense that many democrats are beginning to walk away from president biden and

congresswoman alyssa slotkin says her party desperately needs new blood. >> do you plan to support president biden if he runs again in 2024? >> if he decides to run again i'm going to support him, the party will support him but i have been very vocal including with my own leadership in the house that we need a new generation. we need new blood, period, ink across dell ic party in the house, the senate and the white house. stuart: mercedes, it's only four weeks until the elections and the president's party seem to be walking away from him. >> well, you've had several members of congress make these types of statements where they do believe that biden should not run again in 2024 but what's the alternative? kamala harris? very unpopular vice president. we know she can't lead this country. you're talking about a weak combo of biden and kamala. look this is a big stress for the democrat party and so they're hoping that donald trump jumps into the race because it'll make donald trump the villain and then once again you could see biden and kamala

hiding back in the basement because of the mere fact that their poll numbers are horrible, we know their policies have negatively impacted american families whether it be on inflation, whether it be on the border, or crime, and in essence, you see the democrat party saying it's time for new blood and it's why you saw congresswoman slotkin, she voted against nancy pelosi for speaker , so you see this rise of new voices in the democrat party. the problem is the democrat party keeps veering to the left and is out of touch with every day americans. stuart: i'll leave it right there. mercedes schlapp thanks for being here we'll see you soon. president biden's irs expansion, it's a huge expansion plan, could be at risk, if the gop wins in november, lauren, will they challenge this whole what is it $87 billion expansion? lauren: absolutely that's the plan, minority leader kevin mccarthy says the first bill he would introduce in january be to repeal the irs expansion under the inflation reduction act.

so republicans could use government funding bills to weaken democrat's tax enforcement agenda. republicans say the agency should not work, should not go after you, it should work for you and instead, you know, it sends the optics they have this new army of 80 plus thousand tax agents going after you to enforce tax policy. stuart: they chase down small business, they are going after. lauren: it's cheaper and easier for them to pay than defend themselves. stuart: you've got that right. i want to bring in jeff sica back with us this morning. jeff has harsh words for twitter thinks it's a garbage company and he has harsh words for meta platforms on your screen right now. you think its collapsed? well the stock has been cut in half but it's a strong word, jeff, collapsed. >> i think it has. think about this , stuart. this stock is down 70%. this was a $380 stock. it's down 70%. you have zuckerberg comes up

with this idea which i consider one of the dumbest ideas ever in technology, which is the metaverse that no one seems to care about. he bets tens of billions of dollars and shareholder dollars on metaverse, he funds this reality labs. they're spending money like crazy. they're on some kind of spending spree, and the stock keeps declining, and zuckerberg can't seem to come to terms with the fact that nobody cares about the metaverse, that people aren't interested in it, it's confusing to people, and instead of following the business model that made facebook successful, i used to be a fan of facebook. instead of following that model, he has gone completely off the rails in this direction that's going to not pan out. stuart: you want to add to that lauren? lauren: i just wonder where he goes from here so let's say we don't warmup to it in the future , it's still called meta and everything is staked on

the metaverse. what does he do then? >> first of all he's got to change it back to facebook. the fact that he changed it and its done nothing but collapse, he has to go back to the original model. stuart: he'll never do that. >> if he doesn't he's going to have a stock that's worth nothing. stuart: it won't go down to nothing they still have a huge advertising business. lauren: remember google glass it was a big mistake and the company just dropped the glasses no big deal. this is a much bigger deal. stuart: you can't just drop this lauren: it's the vision of the entire company. >> well it's the vision of the company but he's failed to reach out to people and say do you really care about the vision of meta? the vision of meta makes no sense to anybody. stuart: so i take it you'll not be buying this dip in meta? >> no, i'll buy it when it's $5 a share. lauren: i guess it made sense during the pandemic when we were do everything online but since, we come to like each other and maybe we want to interact in real life. stuart: we do? good news indeed. lauren: not in the metaverse we

don't want to interact at least i don't. stuart: sica you're all right, no matter what you think about twitter. look at futures monday morning coming off a dreadful friday looks like a modest gain at the opening bell and there's this. a correspondent for abc news says democrats are doomed in november and it's all because of the president. roll it. >> i just think the economic headwinds are so tough and biden is, he just doesn't have the um ph as a candidate. people don't really want him around. stuart: ouch. well, we'll have more on that. russia launched a wave of deadly strikes across ukraine overnight following the blast at the crimea bridge. putin wants revenge. what should we do? i'll ask former secretary of state mike pompeo, he's next.

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stuart: all right 14 minutes until the opening bell. everybody wants to know how we're going to this monday morning. here is the answer. a modest gain at the opening bell. dow maybe up about 100 points, nasdaq up maybe 26. let's get to the war in ukraine. russia missiles reigned down on the capital kyiv. this was the first time we've seen that since june of this year. take me through what do we know? lauren: multiple people are dead the attacks were apparent retaliation one day after vladimir putin blamed ukraine for destroying that key land bridge linking crimea with russia, but it's not just kyiv as you noted residents in multiple cities told to take shelter. the strikes are aimed at civilians and energy facilities and that shows a desperate vladimir putin and the u.s. embassy is urging all americans to leave.

stuart: seems to me like revenge is how i'd put it. former secretary of state mike pompeo joins us now here in new york. mr. secretary, good morning to you. >> good morning, sir, great to be with you. stuart: what should our response be to the reign of terror inflicted by putin overnight? >> so the response should be what we should have been doing frankly since september, when we few this invasion was going to take place. give the ukrainians the tools they need to convince vladimir putin that the cost of his continued aggression is too high instead, stuart, we waited six months to give them anything and then we said we're going to give them artillery, we should be providing them the full fire power they need to impose real cost on putin and if we do that it's the only possibility of convincing him to withdraw. stuart: did we slow the aid? >> yeah. stuart: because we really didn't want zelenskyy to win hands-down >> i don't know the motivation why they didn't. i think their stated reason was they didn't want to provoke vladimir putin is probably true. i think he's been provoked, stuart. so i never understood that part

of the argument. they didn't ask for kids. they didn't ask for soldiers. they simply said, provide us the tools so we can defend our own sovereign nations and the europeans should have done more, faster, better, stronger. stuart: what should we give them now? >> longer range capabilities. stuart: to hit inside russia? >> no to make sure you can strike every target the russians are in inside of ukraine and importantly, stuart, the intelligence to know where those targets are so think precision-guided targeting capabilities, that the united states possesses, that could give us the capacity to put every russian asset inside ukraine at risk simultaneously. we could do that. stuart: do you think there are meetings being held right now in washington d.c. to organize that kind of aid? >> i haven't seen it. i hope so, but i haven't seen it stuart: what do you make when president biden warned of a nuclear armageddon? national security council coordinate john kirby had to walk those comments back. mr. secretary watch this for a

second. roll it. >> the president was reflecting very high stakes that they're in play right now. his comments were not based on new or fresh intelligence or new indications that mr. putin has made a decision to use nuclear weapons and quite frankly, we don't have any indication that he has made that kind of decision, martha, nor have we seen anything that would give us pause to reconsider our own strategic nuclear posture in our efforts to defend our own national security interest or those of our allies & partners. stuart: first of all, mr. secretary, what do you make of the use of the word " armageddon"? >> completely reckless, to use that kind of language at a democratic fundraiser imagine john kennedy at a democrat fundraiser saying hey, you know, moving missiles into cuba, can you write me a bigger check? the whole world watches every word that president biden says, so zelenskyy heard what he said about armageddon, putin heard it , all our allies and friends in europe heard it, it's

reckless. it puts putin in the drivers seat, creates more risk for the united states of america and to use that kind of language if you're serious about that and you believe the american people a full-on explanation a serious presentation from the oval office about what's at risk and why america has to continue this instead of a throw-away line your spokesman has to go out and wander around. stuart: shouldn't we have that kind of statement today, this morning following what's happened overnight in kyiv? >> there's real risk. vladimir putin is determined. look he blew up his own pipeline and took a $20 billion asset and blew it up. this is a man who is serious and says america needs to show that continued resolve and if we do you can do what we did for four years. in 2014 he takes crimea. for four years he doesn't touch europe. we leave office and he does it again, invades ukraine. deterrence is possible and it just requires american leadership. stuart: okay, one last one. you got a new book, the title is "never give an inch." mike pompeo, never give an inch. what's in it? >> talks about four years, you

go to mike pompeo.com or go to your bookstore to get it. the four years that i served as first cia director so there's great story too, great espionage stories in the book. stuart: you're allowed to reveal these? >> its been cleared but we got some of it, it's great people doing amazing things on behalf of america, and then we got to tell the story about how we delivered on behalf of the american people, how we implemented executed our america -first foreign policy and then of course talks a little bit about me and how i executed that as well. i think people would enjoy it. it's a fun read too. stuart: of course everybody thinks you're running for the presidency but you won't answer that question will you? >> no, sir not this morning. stuart: i think i've asked you -- >> 29 more days we'll have a good election and see what happens. stuart: sir a great pleasure. >> thank you, sir. stuart: much obliged to you, sir check those futures, please, we got seven minutes to go, dow is up about 100, we'll take you to wall street, after this.

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stuart: all right futures suggest an upside move modest at -best this monday morning, when the market opens, and keith fitz-gerald is with us now. keith, big question of the day. are we headed straight for a big time recession and is it the fed that's pushing us over the cliff >> oh, my goodness, stuart, i think we're already in it, and the fed has pushed hard. this is like a game of chicken only they they've held the steer ing wheel out the window so everybody else can see it, stuart. stuart: you didn't expect a pivot anytime soon, do you? >> that's the narrative driving rallies like this morning and what everybody is hoping they blink or pivot but the long answer is, no. i don't expect it. i think they are going to maintain course foolishly and really double foolishly for lack of better words. stuart: when we say recession here i'm talking something really serious. where you got maybe a 5% contraction of the economy. could it be that bad? >> you know, that's a tough one because the economy doesn't measure out the way it used to. most of the statistics we use to measure that reflect the manufacturing or production

economy of 120 years ago so technology doesn't reflect that. i think it's probably going to be a little bit deeper than that but the numbers won't show it. stuart: would you buy this dip at all now? >> absolutely. history shows slowly, carefully, with only the best companies and i'm going to ignore the rest, but yes, history says that is exactly what you want to be doing and i am doing. stuart: presumably though, what could really upset the apple cart this week is thursday mornings, consumer price index, because if there's any shock there, to the upside, i mean, inflation getting a little worse that would really be a dramatic thing for the market i take it. >> i agree, and here is the thing. it's not necessarily the number itself. it's how traders think the fed is going to react to the numbers so they aren't even watching the reading. that's moot. what they are anticipating is how everybody else anticipates the numbers. stuart: so at the moment we've got 8% inflation at the consumer level, 6% core, do you think

that's going to change at all, or much? >> you know, that's a tough one i've been losing a lot of sleep over that one. the numbers are actually going to get a little bit worse for a little bit longer but certainly not fixing itself anytime soon. the wallet pain is going to persist. stuart: is there anything you'd buy today? >> not today, because i want to see how we settle out. this rally strikes me as a little premature today. i think it's reflexed, been doing this a long time, it doesn't feel right and when i get that feeling i'm just going to sit back. there's no rush. stuart: you know, today, the treasury bond market is closed because it is indigenous people's day, so i don't, i think i can still buy a three or six-month treasury bill today and still get my 4% yield, again what's wrong with that? >> well, there's nothing wrong with that. you know, if safety is where your head is, then and it's right for you you should pursue that so it's not just a question of buy blindly or wad in when

you don't want to. it's a question of doing what's right for every individual investor. we have a saying here all investments involve risk but not all risk are worth the investment. stuart: i just want to hold on to my capital as long as i can and spit it out through my retirement just like everybody else i think we're in the same boat. >> [opening bell ringing] stuart: keith you're all right we'll see you again real soon, in five, four, three, two, one, the market is open. monday morning, october 10. let's see how we go, because friday was just dreadful. the market just really sold off big time. its come back a bit this morning on a monday morning, but i see microsoft down again at 233 how about that? the rest of the dow 30 mostly in the green, so the dow is up a half percentage point, s&p is up one-third of 1%, the nasdaq composite is up a fraction .10%. let's have a look at the big techs. my goodness, me.

apple is 140 for heavens sake, amazon 115, meta 133, alphabet is below 100 and microsoft is down to 234. looks like a work forever take a look at tesla, please where are they this morning? fractionally higher. tell me about, susan, good morning to you. >> good morning. stuart: tell me about the shanghai factory broker production record? >> yeah i think it was pretty positive and i don't know what that says about the zero covid policies in china but it sounds bullish to me. 83,000-plus made in september in shanghai. that's the highest monthly total ever, and that's up 8% from august and beats the last monthly record in june when tesla produced 73,000 vehicles, but remember that tesla disappointed wall street in the summertime with their deliveries only coming in at 340,000 or so. wall street was looking for something closer to 350. you had rbc this morning also cutting their price target to 340 for tesla, still pretty good upside. stuart: i'll take that.

>> about 50% or so but down from 367 but did you notice that musk also wading into the china taiwan debate with his interview stuart: what's he say? >> he suggested taiwan should be and could be turned into a special administrative region like hong kong in the future and that is controversial, because a lot of people in asia, and especially those living in taiwan believe that the country itself is its own self-governed territory. stuart: musk just lost me on that one. >> yup. stuart: that is outrageous having seen what the communist party has done to hong kong. i'm going to move on before my head explodes. terrible thing to say good lord. rivian, down 7%. what's the reason? >> yeah, so another electric car company with some issues and this has to do with the recall so we're talking about a fastener that may not tighten properly in the steering wheel which could be dangerous and that could mean the car could lose steering control and there are risks of serious crashes. 12,000 cars being recalled here so that pretty much affects

almost every rivian car that they ever delivered so far in their 13-year history. only 12,000 cars made during that time. actually 15,000 if you want to include the amazon delivery vans which are part of this recall as well, and rivian, as you know , just reaffirmed this month they are on track to produce 25,000 vehicles by the end of this year. 25,000. remember that's a cutoff 50% from what they initially had forecast heading into 2022, and by the way the stock is down 70% remember at its peak when it was worth $100 billion? stuart: i do, yeah. >> on 15,000 cars being delivered and produced i think that was part of the frothiness in the markets during the stimulus time. strategist i think if i was going to buy stock in an electric car company i'd buy tesla. >> oh, wow. stuart: if that was the universe of ev's and i was going to buy into it i think tesla, notwithstanding what he says about taiwan. >> also the software. if you ever driven a tesla and i have and they are just some of

the beta testing on the self- driving is incredible. just the traffic it picks up and just the information that you see on your screens with people. it's incredible. stuart: okay, can you put ford motor company on the screen, please? it is down 7%. somebody has got to be heavily bearish. >> yeah, so ubs is downgrading ford to sell and in their view it's only worth $10. now they are also cutting general motors to a hold from buy and it's worth 38 in their view, and what ubs is saying is that the under-supply in the car market for the last two, three years which by the way has been pretty bullish meaning you couldn't get your hand on a new car will turn into an oversupply pretty quickly in three to six months because of a rapidly- deteriorating car market because of high inflation, high car prices, also slowing growth, that means consumers don't have that much to spend on new cars anymore. stuart: ford motor company worth only $10 a share. >> well it's only worth $11 now but remember last week i forgot

which brokerage but they upgraded to $14 and you said that's not exciting to me. stuart: it's not, really. you got a couple of bucks on the stock and it's not like the good old days when it went straight to the moon. >> as i said in this kind of environment where you're just bullish on 4% yields on a two- year note i think, you know, 10% is pretty good. stuart: all right, all right, all right, on the screen, the chipmakers, they are all, is this because america is putting restrictions on chip exports to china? >> yes. that and also possibly wayneing demand you heard from amd warning last week as well when it comes to the pc sector and people aren't buying personal computers so you heard from nvidia that the u.s. government wants them to halt shipments of high-tech advanced chips using artificial intelligence and facial recognition to china, but now that export ban also includes chip manufacturing equipment as well. so i think of the i'm trying to think of the world, and china

says and chinese chipmakers say it's uncompetitive, and that's why you saw them really getting hurt overseas chinese stocks are sitting at a two-year low. stuart: ouch. that's not good at all. >> no. stuart: susan good stuff. >> thank you stuart: see you again shortly. let's have a look at the big board, we are up 180 points, 29, 400 is the level dow winners top of that list is merck, up 4%, walgreens up 3%, boeing is up there and so is caterpillar. s&p 500 merck, kraft heinz, walgreens, boeing is back. >> kraft heinz was upgraded alt goldman sachs by the way to a buy because they are saying that the market hasn't priced in their pricing power with people willing to pay a lot more for their ketchup. stuart: nasdaq winners kraft heinz, there you go thanks very much, 3%, walgreens boots, american electric, exelon, and x l energy. the price of gold where is it, 1,679 down quite sharply.

bitcoin, 36 minutes into this program and this is the first time we mentioned bitcoin. out of favor, i guess. >> oh, wow. stuart: bitcoin is at 19, 300. the price of oil, $92 a barrel, and nat gas, where's that today? oh, slowly moving, well its been cold in the northeast. the average price for a gallon of regular is now 3.91 getting close to four bucks look at california, only 6.33, down $ 0.10 from last week. >> wow. stuart: lucky people. coming up democrat senator chris murphy says saudi arabia should face consequences for opec +'s production cut. roll it. >> they chose to backup the russians, drive up oil prices which could have the potential to fracture our ukraine coalition, and there's got to be consequences for that. stuart: why not just let us drill for the oil & gas that lie s beneath our feet he asks? no answer. paypal, backtracking after a policy update said users could be fined 2,500 bucks for post

ing misinformation. you can bet your life we've got a report on that. dr. siegel says the cannabis used now is about 30 times more powerful than what people used in the 60s and 70s. how dangerous is that. i'll ask a chief executive in the industry, next. ♪ ♪

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knowledgeable, licensed agent-producer can answer any questions you have and help you choose the plan that's right for you. the call is free, and there's no obligation. you know medicare won't cover all your medical costs. so, call now and see why a medicare supplement plan from a company like humana just might be the answer. stuart: okay, here we go. 12 minutes into the trading session and the nasdaq has turned south. it's now down 50 points, the market as in the dow holding on to a gain of 140. now this. president biden pardoned marijuana users who have been convicted in federal court. what's the reaction from state governors? lauren: it's mixed so in north carolina where the governor is a

democrat roy cooper, pushing to legalize marijuana in the state and also decriminalize possession of small amounts of it but in texas, republican governor greg abbott says no way the statement from his office, texas is not in the habit of taking criminal justice advice from the leader of the defund police party. okay, so that dovetails this argument that many convicted of marijuana possession actually plead down from more serious charges. president biden's pardon benefits about of 6,500 people but none of them are in jail. federal jail for marijuana possession. that's why he needs the state's help because that's where the possession cases are prosecuted at the state level. stuart: i think the pardon was a trial balloon right before the elections. personal opinion. here is another one for you. an op-ed in the wall street journal goes after biden for his pardon. what's the problem? >> bill bennett co-wrote this and the problem is and he writes, biden's marijuana pardon will drive crime higher. no one is in federal prison for

simple possession, but illegal drug use fuels anti- social behavior and he says that fuels crime. they say president biden is sending the wrong signal at the wrong time and they call for the narrative of the innocent incarcerated marijuana user. they say that narrative is a complete myth. stuart: okay. lauren: he's trying to buy votes stuart: you remember doc siegel on this program told us the cannabis used today is about 30 times more potent than the stuff used in the 60s and 70 s. come on in brady cobb, the ceo of sun burn cannabis. brady your father sold weed in florida for decades he's a legend, i believe, and you're selling cannabis now. what you're selling now is significantly more potent than what your dad sold. doc siegel says that's dangerous. what say you? >> i mean, i think you have to look at it. first and foremost who knows what the stuff was testing at back then but secondarily, our program here in florida is

administered by physicians so it's a fed call program not like an adult use state, so it is monitored by physicians but at the end of the day cannabis is if you look at where it's scheduled right now on schedule 1 it's up next to pretty heavy drugs and the guidance has shown cannabis is less addictive than aspirin so at the end of the day it's a cart before the horse issue because of the schedule 1 designation we haven't been able to do the long term peer reviewed studies on cannabis and the medical benefits of cannabis so once that's lifted and we have the opportunity to conduct that research but if you look at it from a state-based adoption standpoint the states where cannabis is legal you don't see rises in crime, you don't see rises in hospitalizations, so it's far safer than anything else you're seeing on the street that doctors are prescribing in the form of opiates with fentanyl and everything we have there, so at the end of the day, cannabis is cannabis, it's a plant that helps a lot of people and we're excited to see the president focus a little bit on it. i do agree i think there's a lot more that needs to be done. stuart: in states where it has

been, i think in colorado, for example,, where its been recreationally used for 10 years , in states like that, the revenue from pot sales, how does it measure up against the revenue from alcohol sales? >> well what's really interesting is if you look in 2021, the institute for taxation found that cannabis excise taxes and state legal jurisdictions where it was adult use legal and anyone over the age of 21 was $2.9 billion if you look at it across alcohol sales it was 2.6 so cannabis excise taxes on the sales of cannabis is actually out pacing alcohol which if you think about the fact that alcohol had close to an 85-90 year head start as being a legal substance that's pretty remarkable in just a short period of time those sales taxes are already eclipsing and as these governments state and local and federal governments ultimately look for a way to generate revenue and what looks to be a prolonged kind of recessionary inflationary high inflationary

period, cannabis could be one of those industries that could help provide additional tax revenue for the government. stuart: at the moment, as i understand it, marijuana is not legal in florida for recreational use, only medic inal use. do you see that changing any time soon? >> there's a ballot initiative upset to go in the constitutional, our constitutional amendment that's set to go before the supreme court to see if it gets certified by 2024. the most recent polling i saw was around 80% of florida voters support that. even back in 2016 during the trump election, 72% of florida voters, seven out of 10 florida voter in the trump election voted to legalize medical cannabis and that poll ing similarly tracks what we're seeing nationally. september 15 poll by the national cannabis round table found 76 of likely republican voters supported federal non-interference with cannabis, 53% or excuse me, 56% supported

allowing expungements at the state level and 76% supported treating that just like any other business. so that was a poll among republican voters that sures up what we've seen also in a november 2021 gallup poll where 68% of americans support legal izing cannabis. i don't know if you watch mainstream media, very few things that six out of 10 americans can agree upon but one of the things is legalizing cannabis. stuart: okay got to go, brady co bb, thanks for joining us i'm sure we'll see you soon. >> my pleasure. thank you. stuart: here in new york, governor hochul is scrambling to find a way to crackdown on people who smoke weed and drive. tell me more. lauren: there's no breathalyzer, if you will, for detecting high drivers, but the insurance institute for highway safety did attest and they found there was a 6% increase in car crashes that caused injuries in states where marijuana was legal up 6%, 4% for fatal car crashes, so new york state is saying well, we're working on a roadside

saliva test that's looking good. we don't have it yet but officials worry that pot was legalized before the dwi problem was addressed and i think that's a valid concern. stuart: it is. got it thanks very much, lauren. officials in nantucket say a plane full of migrants could arrive on the island this week. nantucket is the republican island martha's vineyard is the democrat island. so now the republicans are going to get migrants how about that? if you thought the cost of buying an electric vehicle was high, wait until you hear about the cost of repairs. jeff flock has the story. he'll deliver it after this. ♪ ♪

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stuart: last time i checked the average price for a new electric vehicle is $66,000. if you think that's costly wait until you hear how much it costs to replace the battery. jeff flock is with us. all right, jeff. what does it cost to replace the battery? reporter: well, if you had an electric car, which i don't think you do, like a tesla, by the way, look at this one. you might like this.

this is a green tesla. that's an after market, you can't get that from the factory, but you can paint it green if you want to, but if you had, for example, a tesla model s, and you wanted the extended range battery, well take a look at the number. it's not pretty. about $20,000 for that. now, other electric cars don't cost as much to replace the battery, if you have a prius for example, that's a hybrid, that's only about $2,700 and you can actually do that yourself. there's diy stuff online. why would you replace the battery in your car? well what happens if it got into hurricane ian and it got flooded we've got pictures that maybe you've seen already that show what can happen. it's something called thermal runaway in the battery. it begins to corrode when it gets into water, catches on fire , then the electrolytes catch other electrolytes and creates heat, more electrolytes, more heat, hard to put out and

the battery packs are kind of hard to reach for the water to get to them as well. now the good news is if your electric car was caught in the hurricane, it's probably covered by your auto insurance, but it's important to note that the cost of auto insurance for an electric vehicle does cost more than the average car. that model s about $4,000 a year , in terms of premium, on average. f-150, if you bought the lightning that be $2,000 a year and the bolt and nissan leaf a little less as well. costs associated with electric cars but you know, gas-powered cars cost a lot too and they catch on fire too. there's flammable stuff in those gas-powered cars isn't there? stuart: i think you're right, jeff, i do think you're right. just wait until you get the lek chick bill for your tesla. quick check of the markets please we're approaching the 10:00 hour and i see we turned around nasdaq is down 75, dow up only 40 points. still ahead, dr. marty makary,

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♪. [working nine to five ♪ stuart: good morning. 10 eastern. straight to your money. here is what is happening. after friday's big selloff a small selloff in the nasdaq. tiny fractional gain completely erased on the dow. you have a mixed picture the morning after the big selloffs of last week. the price of oil, $92 per barrel as we speak, going up just a fraction. bitcoin not much action there, $19,300 per coin. that is the markets. now this. let's call it what it is, revenge. vladmir putin is showering the ukraine's capital with rockets