stuart: good morning, everyone. if you're planning to fly anywhere in america today, you have a problem.

the faa says the computer system that advises pilots on safety before they take off is down, so , all flights grounded until at least 9:00 a.m., right about now. however, some flights out of newark and atlanta have taken off. as of now, and this is being updated constantly, 4,000 flight s have been delayed. there's a lot more delayed in the future because it's going to take a long time to reposition all the planes and crews. travel turmoil returns. the white house says it was not a cyber attack. we're going to update you throughout the show on what's going on at the airports in america. not good. the president is back from his very brief border visit and his three amigos summit and released his six pillars declaration for north america. his top concern is diversity, equity and inclusion. second is climate change. the border comes in at number four. he's also responding to the revelation that secret documents were found at his private office , reading from a script,

he said he was surprised by the revelation. he did not explain why the country was not informed until after the mid-term elections. to the markets. modest gains for stocks this morning. there's plenty of green yesterday. we've got a bit more this morning. the dow is up maybe 100 points. nasdaq up about 30. now look at the airline stocks. all of them are going to be down , because of course of this faa grounding operation. how they perform later in the day really depends on how long the delays last and who pays and who is liable. not sure we can answer those questions at this time, but all the airline stocks are down. new developments in the war on nat gas. new york governor kathy hochul has decreed that no new gas- fired heating or cooking appliances may be in smalled in new stall buildings after 2025, big buildings by 2028. yesterday we reported the possible banning of gas stoves nationwide, believe this? in florida, governor desantis launches a hostile takeover of a

small liberal arts college known for its ultra liberal policies and he's appointed six conservatives to the board at the new school in sarasota. they make big changes and the students are having a real meltdown. one last one. harry has successfully slimed the royal family. their approval rating in britain has sunk to 54%, harry's is down to 26% meghan even lower than that. it is wednesday, january 11, 2023, "varney" & company is about to begin. all right, we've got to try to deal with this right from the top. the airlines, flights across the whole country, grounded. it's due to an issue with the faa's internal computer system. good morning, lauren what do we know? lauren: it's the first nationwide ground stop since 9/11 but it has been lifted as of right now for about three

hours, all airlines grounding all flights taking off in the united states. now, we're told normal operation s gradually resuming. look at the damage in just a couple of hours. over 4,000 delays that number will continue to go up because they have to get back on track. cancellations 1,900 and counting this all started earlier this morning. there's an faa computer system called the notice to air mission system, notam used by the pilots they want to see if there's anything in the flight path they need to know about. it used to be a phone number, but now it's online. it went down, so as of right now , things are getting back to normal but you're looking at the damage. it's still pretty severe. stuart: okay, but the ground stop has been lifted and that just happened literally a couple of seconds ago i think. lauren: yes. stuart: okay, now a new deal was announced by the three amigos as the north american leader summit comes to a close.

it's called the six pillars isn't it? lauren: diversity, equity and inclusion she says with a giggle , climate change, competitiveness, migration, health, regional security. some focus on the border but not much on the drug cartels, on fentanyl, not hearing much about this. one other main point i'd bring up chips. u.s. companies are looking to near source. we always talk about outsourcing some semiconductor production to mexico, so that was discussed. stuart: so immigration, the border, relegated to fourth place in the priorities list or this declaration list? lauren: i don't know if that was the ranking of the priorities but it would feel like it is fourth place. stuart: it sure felt like it was in fourth place and that's a fact, lauren good stuff thanks. while in mexico, president biden dodged questions about the classified documents found in one of his old private offices. watch this. roll it. >> they realize there were several classified documents in that box and they did what they should have done. they immediately called the

archives. i was briefed about this discovery and surprised to learn that there were any government records that were taken there to that office, but i don't know what's in the documents. my lawyers have not suggested i ask what documents they were. i've turned over the boxes. they've turned over the boxes to the archives, and we're cooperating fully. stuart: okay, reading from a script there, the president of the united states. todd piro with me right here. todd, i think the fault here lie s with the attorney general, merit garland, because he did not announce the revelation until after the mid-terms. todd: i think you're 100% right. obviously that timing had to have been purposeful, because you know, the government, the fbi, the doj, they don't like to interfere with elections or put anything in a last minute october or early november dump to sway the elections, but also, there is the dichotomy here. you had trump having documents for a couple of days and he gets a full-on fbi raid and you have biden over a couple of years and nothing.

to this point that you're making and i think putting on the lawyer hat for a moment how lawyers are , keep in mind merit garland appointed a trump- appointed u.s. attorney to investigate biden to this sort of saying to the conservative world, hey, look, i've got your guy in there investigating trump but let's, investigating biden but let's remember that conservative guy, that trump guy that is investigating biden works for one merit garland. the whole thing stinks, and we need to get to the bottom of why there is a two tiered systems of justice not only when it comes to trump and biden but also when it comes to elections to your point. stuart: you have forceful opinions, young man. we like that. todd: you're not supposed to have outcomes in indiana equal situations and that's what we're seeing here. stuart: one more for you, joe manchin is slamming the administration's plan to ban new gas stoves in a statement, he said the federal government has no business telling american families how to cook their

dinner. yes, sir. the war on nat gas is another development on that. kathy hochul, governor of new york, has banned gas appliances, and heating systems, by 2028. that's new york state. todd: if you didn't get the sense from the way we're handling cars and gasoline versus electric, shocker. they want to ban all petroleum gas whatever it is. they want it gone. we had a chef on, stuart, on my show, who basically said we literally can't do our job in a restaurant without a gas stove, so there's that element of it but also, stuart, at the end of the day, with all the problems that we have in the country, where did gas stoves fall on your run-down? pretty far below, you know, at the bottom. this is ridiculous. they are wasting time, and also the study that was the basis of this , was funded by an environmental think tank. stuart: precisely. todd: it's a bunch of -- stuart: lauren simonetti shaking her head. lauren: because the government itself just said oil & gas use

will hit record highs in 2024 so they could do everything that they want to get us to go green er, but we're still going to use traditional sources of energy. stuart: yes, we are. lauren: demand will hit record highs. the government says in 2024 -- stuart: how do you create all this electricity we're going to need? where is that coming from? todd: how many more areas of our lives with the government intrude on? they are literally now in our kitchen. stuart: they have been in the bedroom and bathroom for quite sometime. you'll stick around for the full hour, good man. now let's look at the futures wednesday morning. more green. how about that? eddie ghabour is with us this morning. eddie? when are you going to start buying stocks again? >> so we're going to start buying when the data that we're looking at and we let data drive whether we're bullish or bear ish versus any other thing and right now from an economic standpoint, the fact of the matter is, everything is decelerating or most things are decelerating, and the next thing now that we're starting to see accelerate more than it did

last year is real estate is really starting to slowdown and that, to me, is a big problem from an economic standpoint, so we're still in the camp that we're going to be going into a recession. if we are correct in our assessment, then this market has a lot more ways to go to the downside. the only thing that's accelerating right now from an economic standpoint are things that you don't want to see accelerating, like consumer debt. i think you're going to see foreclosures start to accelerate and that's a normal process you go through when you have a bubble burst and you're heading into an economic slowdown and on top of that for the first time, and maybe 40 years, while we're having this slowdown, we have the fed that's being forced to tighten monetary policy. that makes this time period much different than 2008 and 2009 when they came in and cut rates as well as during the 200t think many people realize the magnitude of the time period that we're in right now and i just think it's prudent to be cautious until the data changes

and until it doesn't change, we're going to continue to try to protect our clients as best as we can. stuart: okay let's suppose that tomorrow when we get the consumer price index at 8:30 eastern time, let's suppose that inflation comes in over the past year above 6% as it is likely to. what does the market do? >> so i think if it comes in under 6.5% you'll see a spike into the end of the week, maybe into the beginning of the week. if it's over 6.5% i think you're going to see a pretty sizable sell-off over the coming days but here is the thing i want to point to is when you look at data, you have to see why is it coming down, and i think you're going to see inflation slowly trickle down over the next several months because demand destruction is happening. people aren't buying as many cars. housing buys aren't coming so cpi is supposed to come down when you're going into a recession and look at the bond market. the bond market had this right for 13 months.

the yield curve is wider than i've seen in my career. stuart: headline from eddie ghabour this wednesday morning, he's not buying yet, got it. all right, we'll see you later thanks a lot. coming up, the department of defense rescinded the covid vaccine mandate, so what happens to those who lost their jobs for refusing the jab? we'll get into that one. the gop-led house has formed a new committee to investigate china. looks like a new era of confrontation. i'll ask the incoming chairman of the house judiciary committee an important guy, jim jordan, is next. ♪ ♪ to you, it may just be an elevator. here goes nothing. but for a young homeowner becoming their parents, it's a learning opportunity. come on in. [ chuckles ] the more, the merrier. paris, huh? bonjour! we got any out-of-towners in the elevator?

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stuart: still some green on the left-hand side of your screen dow up about 80. now, look at flight delays and cancellations. i think we've got a check on that for you, yes we do. flight delays now totalling 314, even though the ground stop has been lifted. it's going to take an awful long time to get all of the planes and the pilots of course in the right place at the right time, so the number of delays is probably going to go up sharply, and so are cancellations. united airlines say the faa has lifted the nationwide ground stop and united has resumed operations. that's what they are telling us. the house voted overwhelmingly to create a new committee to focus on china. 65 democrats voted against it. congressman jim jordan, the new judiciary chair, joins me now. congressman, are you introducing a new era of confrontation with china? >> well, no, i think we just have to understand just how they are our adversary certainly in

look at what they've done with international trade norms, their seizure of intellectual property and frankly go back to the attitude we had in the previous administration which is where president trump stood up to first president to stand up to china and say look we aren't going to tolerate all this and then you see what they are trying to do influencing our country via tiktok and other things so all that is part of that select committee that will be chaired by our colleague, mr. gallagher. i think he will do a great job but this is something that's really important and that's why there's a select committee focused on it and it was good to see we had bipartisan support for the creation of this committee. stuart: yeah, i think it's important to remember that president trump was the only president to confront china and as soon as he left office, joe biden came in, china overran hong kong and threatened taiwan. i mean, i think it's important to point that out. >> it's also important, stuart, to remember this is where that virus sure looks like it started in that lab that wasn't up to

code and then all the misinformation, all the frankly lies we heard from china about the virus right when it first broke out. maybe things would have been better for everyone around the world, less loss of life and certainly the economic impact we've had from covid and it all started there as well so i think that's part of this discussion and this select committee as we move forward also. stuart: you're now chairing the judiciary committee and there's a new subcommittee just approved to investigate what's called the weaponization of the federal government. can you give me an example of how the administration has, as you say, weaponized it? >> i can give you many. the department of justice target ed parents, treated parent s as domestic terrorists who simply showed up at school board meetings to advocate for their son or daughters. the fbi paid twitter $3 million, not one, not two, but $3 million to censor conservatives and of course, the department of homeland security was trying to setup a disinformation governance board because, you

know, because they should be the arbitors of what can and can't be said. this is crazy stuff so we've had now dozens of whistleblowers from the fbi come to us, fbi agents come to us and tell us just how political things are at that particular agency, so yeah, we know it's going on, and frankly, the american people have common sense. they can step back and look, okay, look at the double, look at the most recent one. look how president trump was treated with so-called classified documents being at his residence is what we've been told versus the classified documents that were found at the biden center so i think the country can see it. this is why we need to get into this because government is not supposed to be picking winners and losers and functioning in a political fashion like that. stuart: mr. chairman it seems to me that you are just raring to have at it. i can tell. you're a thousand miles away but i can tell it's coming through the screen. >> try to get the truth. stuart: good for you. thanks for joining us, sir, we appreciate it. >> thank you. stuart: you got it. todd is back with me.

how is the media handling the discovery of the revelation of the secret documents in biden 's private office? todd: i think exactly how you would expect. they are propagating the double standard because to them, this is a nothing burger and in fact one instance in particular. the news division stuart at abc must be really proud of the unbiased view from the view, that sarcasm, here is the clip. >> there's differences in what happened. well we all know that trump is a liar and a thief, you know? >> [applause] >> we know that. so it's not that big a jump to say that he obstructed and he lied. we don't think that biden is a liar and a thief so we give him the benefit of the doubt. todd: and of course the audience claps like misinformed moronic seals but that by the mainstream media -- stuart: a little strong there, todd, this is a family show. todd: ignores a few key differences if you want to go into them. biden was vp and they have no ability to unclassify material where it's reported that trump did have that ability.

that's one issue. there was no secret service protection, where there was at mar-a-lago, and the big question , did the chinese have any access to these classified materials considering china made a huge donation to the biden think tank only three months after that think tank opened. stuart: that is important, because i'd forgotten about that there was a very large contribution, millions of dollars. todd: 14-plus million. stuart: yes, and what conditions were attached to that donation? todd: have you ever received that much money without a condition attached? stuart: no. i've never received that much money. you want to get into this lauren lauren: no. todd: [laughter] lauren: i never received that much money either. todd: somebody pay the woman, would you? stuart: here is another one. kevin mccarthy removed democrats that be adam schiff, eric wall well removed them from the intelligence and foreign affairs committee. todd: the speaker confirming that they will be removed from the house intel committee, that the house will vote on the

removal of omar, and the relationship with the chinese spy and schiff's defense of the steele dossier some of the reasons they should be removed here is eric wall well's reaction. >> there plan is to take me, adam schiff and off the committee and put paul gosar back on committee. i think you see that is an uneven vengeful approach. todd: exactly literally a lie he told in front of the cameras. mccarthy did say the anti-semitism is the reason she should be kicked off foreign affairs speaker adding look if you can't get a security clearance in the private sector, government really shouldn't be giving you one and i think that's a good takeaway for all three of these individuals. stuart: well done, todd, good stuff. back to the markets let me show you how they are going to open up this morning, dow up maybe 100, nasdaq up about 30, the opening bell is next.

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stuart: the faa has lifted its ground stop, lifted it about 25 minutes ago but the number of cancellations and delays is still going up. there are now 4,314 delays, but it's going to take a long time to get the crews and the planes in the right place so expect delays to sky rocket later in the day. check futures, please. the green is there, dow is up 116 and shah gilani joins me this morning. i've got an unusual question for you, shah. should the federal reserve continue to manipulate the markets, because i think that's exactly what they are doing right now. >> stuart, they have been manipulating the markets for decades. almost since their existence in 1913 with the federal reserve act. no, they shouldn't and this is if there was evan opportunity for them to step back from their market manipulation, we have a command economy run by the federal reserve.

if we would go back to free markets this be the time for the fed to let rates do what they are going to do nationally seek their own levels and step back and let them unwind the balance sheet and let the economy manage where capital goes. not the federal reserve. stuart: i think seperate banks all around the world have been manipulating the markets for sometime. >> yes. yes, we don't have free markets anymore, and capital is allocated based on in terms of low interest rates where it seek s the highest return, a lot of that is in financial assets and not necessarily in manufacturing or productive assets, so this country has lost a lot of jobs because of that and i think the global economy has been thrown into some kind of whirl wind because of artificial manipulation by central banks globally. this is the time to make a change. stuart: so i take it that you aren't going to be getting back into stocks anytime soon, not big time back into stocks. >> actually, no, stuart. believe it or not i'm going to start to nibble on account of

the fact that the "narratives" are changing. if you look at we're certainly in the hug of a bear market and we're not out of the woods yet there, but the narrative seems to be changing in terms of the fed eventually will pause, eventually may have to pivot if we do, if they do manage to trigger a recession, they will likely pivot. a pivot means actually lowering rates again. the market would love that, and it's anticipating that, so a lot of investors are going to try and front-run what they think is an inevitability and that means they could, we could breakout of the bear market in which would bring a lot of money in from the sidelines because everyone is looking at the market and recognize there are so many fabulous companies on sale, it's a great type to dip your toes in >> [opening bell ringing] stuart: two headlines for the day, eddie ghabour is not buying yet, shah gilani is nibbling. it's 9:30 eastern time and the market just opened. it's going to open on the upside , we're up about 127 points, that's well-over one-

third of 1% and as you look at the dow 30, almost all of them are on the upside. there's some buying going on there today. how about the s&p 500? also on the upside. a gain of .43% pretty solid and the nasdaq is up exactly one- half of 1%. not bad. big tech all of them except meta on the downside. amazon is at 91 bucks this morning. alphabet 89, microsoft 231. it's up a couple of bucks there and apple, 131. that's it, meta 131 as well. i'm going to start with individual stocks here looking at disney making some changes to the way they run their theme parks. the stock is up a quarter percent what's the changes? lauren: this is a big deal because bob iger is back and this is one of the first moves he's making to undo what bob chapek did. a lot of customers, avid park-go ers were complaining it's too expensive and complicated so in florida, walt disney world, annual pass holders can visit whenever they want, without a reservation. they used to have restrictions on that. that's annoying if you're a fan.

if staying at a disney hotel, so expensive but the parking is free a little bit of a perk and there's those like professional pictures they take. you can get them for free too, quickly in california, they are going to sell more of the cheaper tickets which start at $104, so small changes, but iger is listening to fans who are out-priced who are, you know , priced out of disney. stuart: and the stock has gone from 84 to 95 in what, since late december. lauren: it was the biggest loser last year. stuart: it was. way down. got to take a look at wwe, the wrestling people. a very solid gain this morning. there's something going on here isn't there? lauren: there is a rumor that's been building for a while, and a report that wwe has been sold to saudi arabia's public investment fund with the idea that vince mcmahon is going to head it up so this is not netflix, comcast, this is the saudis. wwe goes back to being private

for the first time since 1999. what network is going to broadcast this? stuart: that's not my point. lauren: what's your point? stuart: this is saudi arabia taking over whole sports. they have liv golf, now they are thinking about getting into wrestling. somebody told me they have the snooker market in britain, it's a form of pool, so they are really expanding into sport, that's saudi arabia. lauren: diversifying their oil economy. todd: and wrestling is a unique ly american sport/form of entertainment whereas golf is really a worldwide phenomenon so it's very interesting they are going to the heart of true america. lauren: it's a report and it could be if this is true that they paid so much more than other potential bidders. they have the money. stuart: they held wrestling events in saudi arabia. lauren: yes. stuart: very successfully as a matter of fact. lauren: some wrestlers boycotted them because of their stance on

human rights issues and lgbtq concerns. stuart: good question, which tv network runs it. let's get to apple. they are announcing more changes about where they get the parts for the iphones. lauren: yesterday we told you about the chips, now it's the displays and this is a major blow for samsung, so in 2024 it is expected apple will make the display on the watch and other devices by themselves, homegrown. stuart: in america? lauren: likely. stuart: in america? lauren: i can't confirm that, but they would not be outsourc ing or using other companies to make the components for their devices. stuart: okay apple is at 130 right now. credit suisse cutting bonuses. i understand it's going to be a big cut and i want to know if other big banks will cut bonuses as well. lauren: well look at the activity that the market has seen, right? i mean, mergers down, you name it. bloomberg is reporting that for credit suisse they are going to cut by half and some employee s get nothing this year, so it's like i said the slowdown

in mergers and acquisitions and ipo's but for credit suisse specifically, so many concerns about how they do business, their reputation. remember the report not too long ago that their wealthy clients are pulling their money and they warned of a $1.6 billion loss in the quarter. so the big banks report on friday. you hear from jpmorgan, bank of america, citigroup, wells fargo. stuart: and we'll hear about the bonuses at that point. lauren: they will talk about the climate and they might make some comments on the call afterwards about how they are rewarding employees. stuart: watch out wall street. lauren: i'd side credit suisse is in the worst shape though. stuart: salesforce on the screen down 1.3% they have a downgrade i think. lauren: i thought it be more because it's an ugly downgrade so they provide customer relationship management software and that's why the ticker is crm i just figured that out, customer relationship management software. literally just dawned on me. stuart: you're very honest. lauren: did you know that? nobody knows that. bernstein cut them to under perform and they say it's over

priced stock and a lot more pain is ahead and compared to their peers bernstein says lower margins continue to hurt and they are only worth 119 bucks but the stock is only down 1.4%. stuart: but that's one big downgrade if ever i saw one. next one i've got some big names including tom brady maybe financially wiped out following the collapse of ftx. who else is getting hurt? lauren: wipeout. uh-huh, some of their biggest shareholders so his ex-wife, along with the patriots owner robert kraft, paul tudor jones, peter thiel all invested in ftx. they are trying to recover funds , but obviously, the customers get repaid first. stuart: yes. lauren: shareholders last. i don't think any of them are crying. i think 1.1 million shares that tom brady had bought? stuart: i'd be crying. you start losing by the millions and i be crying. i'd cry if i lose by a couple hundred. lauren: really? stuart: yeah, pretty much. i'm going to move on. todd: why do you think we have

commercial breaks because stuart sees his stocks and tears up, we've got tissues here. stuart: look at that the dow industrial is up 126 points on this wednesday morning dow winners top of the list we have dow inc., microsoft, walgreens boots, boeing, chevron, how about s&p 500 here is stocks for you don't know the top one. amazon, 92 bucks nearly 3% tesla is on the list not bad, nasdaq, they keep going on that list, amazon is on the list, ebay, tesla, microsoft not bad. there's gainers today. where is the 10-year treasury yield he asks this morning? it is there you go, 3.58% it's actually down a bit this morning and the price of gold, any closer to 1,900 bucks yes it is, 1,879 it is, bitcoin 17, 400, oil where's that? $76 a barrel and nat gas, the government wants to ban gas stoves, heaven knows what else, nat gas is down in price today,

362 per million british thermal units gasoline holding steady at 3.26 national average diesel 4.62. coming up liberal students in florida in meltdown mode. they are vastly unhappy with governor desantis for appointing conservatives to the new college of florida's board. they are going to make real changes and students are not happy. we'll bring you the drama. house republicans filed articles of impeachment against secretary mayorkas. a record number of americans have quit their jobs since 2021 and the great resignation shows no signs of stopping any time soon. we'll tell you which industries have been hit the hardest right after this. ♪

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stuart: all right, let's check again on flight delays and cancellations. the numbers are going up 4,500 delays, 841 cancellations and we just heard this , the senate commerce committee is going to investigate the cause of the faa outage. the ground stop has been lifted by the way. now, tomorrow, about 8:30 a.m. eastern time, we get the consumer price inflation report. john lonski, a noted economist is with us this morning. what are you expecting to hear at 8:30 tomorrow morning? >> a gain of one-tenth of 1% and i think year-over-year or annual rate of cpi inflation drops from 7.1% to 6.6%. that's a far cry from that 9.1% peak back in june of 2022. stuart: surely that will be very good news for the market and would confirm that inflation is really beginning to slowdown. >> it definitely would, and this is one of the reasons why

we have the equity market rally ing for the year-to-date. stuart: so maybe 0.1% up for the month of december. >> uh-huh. stuart: that's it. a very modest gain. how about this one. the president of the world bank, he warns that we could be seeing a global recession soon. what do you make of that? >> well what he's talking about is that the world population grows more rapidly than world real gdp. that constitutes a global recession. world bank has world growth going from 3% to 1.7%, downward revision for 2023, but there's the chinese wildcard, you know? they are getting rid of these covid restrictions. we know when we did that in the united states, consumer spending went through the roof. there's this great release of pent-up demand and that could prevent the world economy from slipping into a recession; however, at the cost of renewed

inflationary pressures. it's a wildcard. stuart: okay, okay we don't know exactly which way it's going to go. >> i think growth wise we're going higher than perhaps world bank expects. my worry is what does that do to inflation. if china comes back a lot of these supply chain disruptions that put upward pressure on prices will be gone but at the same time those chinese consumer s are buying more goods and we're seeing signs of this already. we're going to see higher cost for industrial commodities like copper, iron ore, steel, et cetera. stuart: what about america's economy? it seems like the opinion is really divided. either we just bumble along like this or we get a very soft land , or we get a nasty deep recession. which camp are you in? >> i'm mild recession. you're talking about the cpi. okay, the cpi maybe up no more than 6.6% in the month of december but that is still faster than 4.6% wage growth. that's 21 consecutive months where prices have outrun wages.

that's got to take its toll and i think we're seeing signs of a slowdown or a contraction of real consumer spending. stuart: just a mild recession? that's it? >> i think we'll get out of it quite nicely and that's because i think when the u.s. economy slips into reverse, we'll not only be finished with fed rate hikes but by the third quarter, the fed begins to cut rates. i believe that by the end of this year, federal funds will be less than its current 4.38%. stuart: well lonski is being very positive this morning. moderate inflation reported tomorrow, a very moderate recession. >> but there's a catch though. in order to get to the heaven of sustainable economic growth, we still have to go through the hell of a recession. there's no avoiding that. stuart: but you don't think it's a serious recession? >> i don't think it's anything like 2008, we simply don't have the same imbalances we had then with the housing market, but that being said, that being said

, home price deflation perhaps continues for sometime. we see home prices dropping by 10-15% from their peak. housing becomes more affordable, mortgage yields are lower but that's something that doesn't arrive until late this year. stuart: i'll go with the moderate inflation story coming in tomorrow morning i'll stick with that one okay? >> all right stuart: lonski, you're all right, thank you very much, sir. now this , wells fargo taking a big step away from the housing market, as in mortgages i believe. what are they doing? lauren: dramatically shrinking their home lending business so now they are going to focus on two areas home loans for existing customers and for minority borrowers. they will no longer work with outside intermediaries who arrange the loans on their behalf. that was about half of their mortgage originations, they are canceling that. why? housing market is slowing, right rates are high, so refinancing is not happening right now, and then they paid record fines for bad mortgage practices over

the past couple of years, so they have a lot of money going out the door and not a lot coming in. the upshot is i'd be worried about job cuts. stuart: they used to be the biggest mortgage lender in the country. lauren: that's why this is a big deal, actively making the decision to scale down. stuart: john? >> housing prices coming down that's scaring wells fargo and moreover, talking mortgage refinances are down 86% from a year ago. stuart: whose going to refinance today? >> nobody and that tells you interest rates have to move lower in order to get this economy growing again. stuart: now we've got new data revealing the full extent of the great resignation. todd this is how. how many people quit their jobs since 2021? todd: this is big numbers a record number of americans have quit their jobs since 2021 and the great resignation is showing no signs of stopping anytime soon. new data from the bureau of labor statistics shows by november 2021 nearly 48 million

americans quit their jobs. that's up from the previous record of 42 million in 2019, and 4.2 million americans left their jobs in november of last year alone, bringing the total for last year to 46.6 million. stuart: these are huge numbers, look at the industries, leisure and hospitality lost 18 million. todd: hospitality impacted the most beurre been to a hotel, they don't clean your rooms any more. lauren: it's another reason why services are so expensive. right now the price has gone up and that is a part of the economy holding up the services sector. >> it slows the economy though that's what's going on. the president of the world bank made reference to this in that since covid, we have this reduced work effort, if you like, that's very important. stuart: well do we expect the resignations to continue in the future? todd: i think this is where my shock and disbelief comes because we've been talking so much on this show and other shows on this network and fbn and fox news about how people are going to have to stop

doing the hey, i'm quitting unless i get a free puppy and coffee everyday. well these numbers don't say that. it appears this is month than a trend. monthly resignations have not dipped below 4 million since may of 2021. i thought by the end of last year, obviously we don't have january numbers yet because we're in january, that that would have curtailed a little bit but i'm wrong. stuart: puppy and coffee? isn't that what you give to badly behaved children at the supermarket? todd: yes, but the overall point is like where are these people going and surviving when the inflationary environment is so bad? how are they getting their money stuart: don't mean to make humor in a difficult situation but thank you very much indeed. don't forget to send in your friday feedback e-mail questions comments critiques "varney"viewers@fox.co m. an faa system outage is causing flight disruptions across the country so what exactly caused it? we'll have a report, look at that.

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no wonder xfinity mobile is one of the fastest growing mobile services, now with over 5 million customers and counting. get in on the savings and switch today. stuart: breaking this morning, millions of travelers facing massive delays at a ports across the country. grady trimble is at chicago's o'hare airport for us. grady, the latest, please? reporter: stu, that system that caused all of these problems is

restored, flights here and across the country are taking off again but that doesn't mean everything is back to normal. not even close. we're seeing that ripple effect of flight delays and cancellations. here at o'hare airport alone, delays are close to 400. across the country there are almost 5,000 delays and more than 850 cancellations. this outage started overnight and it ultimately led the faa to put in place the first nationwide ground stop since 9/11. passengers that we talked to showed up to the airport this morning to find those flight issues piling up. >> it's all backed up. this is insane, man. this is going to be traumatizing especially with three kids it's going to be traumatizing. this is a nationwide thing? reporter: uh-huh. >> that's crazy. that's scary. that's even scarier, bro, because it makes you feel like somebody is, i don't know, like somebody controlling all of this reporter: so the system that was down was called the notice to

air missions or notam, that alerts pilots and flight personnel to issues at specific airports like visibility, problems, or bird hazards, runway closures, those types of things. white house press secretary kari ne jean pierre tweeted this morning there was no evidence of a cyber attack but then when president biden was asked point-blank what the cause of this was, and whether there was a cyber attack , stu, he said we don't know. we're looking into it, so we have a lot of questions this morning that we could have for the coming days and weeks. stu? stuart: got it, grady trimble, in chicago. thanks very much, grady. i want to say thank you very much for todd piro for sticking around the entire hour. you bring energy and we appreciate it. thank you very much, sir. still ahead on the show, martha maccallum and tom fitton. the 10:00 hour of "varney" & company directly ahead. ♪

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