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>> this is "varney & company." good morning, everyone. during a speech on mlk day, the president president laid into republicans calling hem fiscally demented. it was a very political speech on a national holiday. he ignored the growing document scandal and was completely wrong on the deficit. all of in this right before we hit the debt ceiling on thursday. there's a new headline in the document scandal, there was no longer visitors to the wilmington -- no log of visitors. we don't know who they were. that's firing up the investigations. today the president appears with the prime minister of the netherlands at the white house. he's sure to be deluged with shouted questions. whether he answers them is another story. to the markets, and we starlet with today bitcoin. it's a breakout. back to the 21,000 level. we're told that investors are optimistic that it's already hit its low. bitcoin is now up 26 the % this

calendar year, 2023, up 26%. stocks opening again after a 3-day weekend. disappointing earnings from goldman helping to push stocks down a bit. dow's off about 120, nasdaq down about 43. the price of oil has been going up recently, today it's at $80 a barrel. gold still at right there at the 1900 level, 1915 per ounce, to be precise. the interest rate spread, that's little changed. the 10-year treasury yields 3.55, and that is well below the 2-year at 4.23 this morning. elon musk's tweet trial today in san francisco. in 2018 he tweeted that he had an offer for tesla at 42 the 0 as in $420 a share. there was ever a deal, it fell through. investors are suing. musk wanted to try it in texas, the judge refusedded saying there are surely enough people in san francisco who don't hate musk. on the show today, speculation

about joe biden's comeback. his standing has improved, but he's now threatenedded by the document scandal, 250,000 illegals at the border in just one month and his age. the president will be 82 in 2024. hard to mount a vigorous campaign for the presidency. and we'll tell you about a new education trend in britain, schools that that demand hard work where the kids compete to do well. all races, all million levels. huge act -- all income levels. huge academic success. rather different from america, wouldn't you say? tuesday, january the 17th, 2023. "varney & company" is about to begin. ♪ ♪ you want to be starting something, you've got to be starting something ♪ stuart: okay. michael jackson to get things rolling on a tuesday morning, and we're starting with: the white house lashing out, that's the old word to use -- only word

to use, at republicans who want to investigate president biden's mishandling of classified documents. what did the white house say? lauren: they're responding to the double standard with the way the white house handled trump's documents versus biden's. this is what a white house spokesperson tells fox, house republicans are playing politics in a shamelessly hypocritical attempt to attack president biden. house republicans have no credibility, he continues. their demands should be met with skepticism, and they should face questions themselves about why they are politicizing this issue and admitting they actually do not care about the underlying classified material. i think everybody wants to know what's in those documents. stuart: yes. lauren: who had access to them while they were in the garage? i have a locked garage, and i don't keep my children's birth certificates in there. i mean, that's common sense, right?

stuart: i don't keep my passport in a garage either. lauren: yeah. stuart: what else have we got? lauren: so i thought that was a strong statement from the white house about this double standard between how both are responding. stuart: now look at this, 73% of executives and economists see a recession within the year. that's within this year. this is this calendar year, 2023. now look who's here, the perfect guy -- >> well, hey there. stuart: this is professor brian brenberg, professor of economics. what do you say? 73% of business executives say recession this year, and you sa- >> i say i agree with them. if it doesn't happen, guess what we're going to get? 0% gropt. .1% growth. so it really doesn't matter. it's going to be a bad year because we've lived in economic crazy land for the last two years, and america's spending money we don't have, china shutting down its economy. you put those who things together, that's not a good recipe for 2023. stuart: okay, but if we get zero

growth, you're still going to have 6% inflation. that adds up -- >> right. stuart: -- almost to stagflation. >> so no growth, you're still going to get the inflation, your wages won't keep up. is it going to feel like a good year for americans in 2023? i don't think so. and i think that job market's going to cool a lot. i don't like what's coming in 2023. we've got to change direction. but the folks in davos are talking about climate change, fighting climate change, instead of getting the world economy growing. that's the problem we have right now. our priorities are fundamentally messed up. stuart: have you ever expected the elites at davos to talk about anything other than climate change, tax the rich, and what else have they got going for them? >> that's all they ever talk about, and that's why we're sitting in this spot, stuart. they're the reason. it's that agenda that's run the world for the last many years now, and it's gotten us to this point. stuart: that's the fascinating. you see davos the same way i do. >> i'd like to go skiing there,

but for no other reason. stuart: you're going to stay with me for the hour. please do. treasury secretary yellen is going to meet the finance minister in switzerland. lauren: they're going to talk trade, right? you know, i was reading a report that the trade, u.s. trade with china will probably hit an all-time high when we get the latest numbers, which is shocking because there's so much trade tension right now. when you think about it, we have blocked the sale of advanced computer chips to china and banned other tech from huawei, for instance, because of national security concerns. we still have trade with them, we are starting to block some trade and tensions are really high. stuart: do you think any substantive thing will come out of the yellen meeting? >> nope. you know why? because he's out of a job in about 40 days. he has no authority in that regime. china doesn't care about this meeting. we think it matters, it doesn't. we should start acting like that's what hay do, and we

should be doing things to get competitive again. stuart: i'm more interested many how china's going to come back from the if lockdown situation, how strong their economy's going to be. a report this morning that gdp last year was just 3% growth. nobody believes those numbers, they're probably much lower. >> yeah, could have been negative. stuart: can they really contribute to the world economy if they come back after covid, start expanding production again? i mean, that could be a new source of growth for the whole world economy. it could be, couldn't it? lauren: but their population is also declining right now. it declined for the first time since the 1960s, so i think there's a sea change define on in china. but -- going on in china. >> you're seeing the fruits of running an economy like a statist economy. they're not going to underconsistent themselves on energies which is what -- undercut themselves on energy, they will not do that, and that could be the one thing that helps them. lauren: well, is secretary yellen and liu he going to

discuss russia? when the west has put a price cap and sanctions on it? and if they do, do we hold them accountable? stuart suiter we'll see. now, we have goldman sachs and morgan stanley, huge banks that both reported before the bell. goldupman down $11, morgan is up $3. lauren: so goldman, earnings -- and i'm giving you the number, 332 the a share, the expectation was 548. that is a big mess, worst in a decade. steep declines in investment banking while operating expenses go up # 1% -- 11%. they're cutting over 3,000 jobs. if your experiences are going --, penses a going up -- investment banking numbers were not good. revenue fell 49%. but mo began is more of a -- morgan is more of a pure play, they get fees from wealth management, and that was very strong, so they're up almost 4%.

stuart: all right. let's bring in david nicholas, david joins me right now. what do these bank earnings tell you about the economy and the market outlook? >> yeah, goldman sachs has posted -- this was a big loss for goldman, this was huge. investment banking activity is down. that's not a sign of a growing economy. you look at jpmorgan and citi that reported last week, their investment banking revenue was down 60% for the quarter. so, again, banks are not creating new economic activity. but the positive note though is if you look at some of the money-centered banks like jpmorgan, bank of america that do more normal lending, they're the beating profit expectations because interest rates are rising, and that's impacting the bottom line for financials. i think it still spells they're good for the economy, but we're not going to see the type of explosive growth because we're not seeing investment banking activity. that's where i see some concern for the overall economy, stuart. stuart: can you tell me the maims of stocks which are winning -- names of stocks that

are going up but still cheap in your price to earnings? i see costco on that list. cheap and still going up, is that what you say? >> so, stuart, there's a lot of uncertainty for year. i'm excited for this year because this is a stock picker's market. i think you can do well -- stuart: i'm sorry, it's cisco, i made a mistake. cisco. i do like costco, but we'll start with cisco. stuart,st it's trading at 13 times forward earnings. they have almost a monopoly on the networking side, and hay just raising their earnings in 2023. in a year where companies are loweringerring, they're raising guidance. also a materials and chemicals company, lyb, they're paying a 5 dave can depend. you going to love this, crating an 11 times forward. since we're talking financials, one more from a different

sector, tnc. they report week, paying a 3% dividend, but i think they are more offensive because they are regional. they don't have exposure hike jpmorgan, morgan stanley. the regionals are going to win in this environment, stuart. stuart: i like that 5% dividend. thank you very much, david, see you again soon. it is a tuesday morning, we're coming back after a 3-day weekend with. small losses across the board. coming up, president biden appears to be this trouble even msnbc says it looks like biden tried to hide the doc scandal. watch this. >> these classified documents really arose and -- erodes and undermines not just the momentum, but the brand that the democrats have been building of being not only the competent party, but the decent, honest party. stuart: oh, that's msnbc. i i think biden's in, he's in trouble. he's vulnerable. a serious comeback, in my opinion, is highly unlikely.

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♪ ♪ stuart: yes. now, there's a reason for that. that that, of course, is orlando, florida. song we're playing is called

"the big money." i don't know the band, rush -- >> what? stuart: no, i don't know rush, but i'll tell you about "the big money," which is a new show which starts next week on fox business. but first, 73% of executives and economists see a recession within the year. that's a new survey of top guys in business. what else are they saying? lauren: well, 4400 ceos around the world, i mean, are saying same thing. they were interviewed by pricewaterhousecoopers, and they say the cost of inflation, geopolitics, those are their key concerns. but look at this, just about 40% say their company is not going to be economically viable in ten years' time if they don't, quote, evolve, meet the cus -- customer where they're at, etc. meanwhile, 85% have already cut costs or plan to. how are they dealing with inflation? diversified products, raising prices for customers. so these are some of the changes they're making. but 40%, we might no be around

if we don't change in ten years' time -- stuart: i might not be around in telephone years' time. [laughter] you -- ten years' time. i've got a great headline in the "wall street journal," look at this. shopper rebellion against higher prices helps slow inflation. taylor riggs joins us this morning, the cohost of "the big money" show. we'll get to that -- >> look at this warm welcome. stuart: the "wall street journal" says people are resisting these higher prices. are they just not paying? >> it's interesting. we went through this phase of revenge shopping where in covid my only way to play the game was to go out and buy and spend money. now we're actually rebelling against that. prices have gotten so high, the consumers are maybe buying lower priced goods, maybe some brands that are more the generic brands and just sort of rebelling against those high prices and saying i'm quick to wait until prices come down, and then i'll start shopping again.

out suit i think i've told our viewers before, last week i paid $10 for a loaf of bread. ye big, whole wheat, 9-grain bread, nice stuff, $10. i'm going to start buying wonder loaf if the that's the case. >> you're the classic sort of trade down. stuart: i'm cheap. >> well, i'll just say you're trading down, you're buying maybe the cheaper brand to help that family budget that you're on. it's interesting, we're going to hear from proctor and gamble on thursday, some of the classic, big conglomerates, and we'll hear what they have to say. a lot of them have been raising prices double digits. let's see if they start to slow them down if sales growth starts to slow as well. stuart: that could happen. let's talk about the big thing, "the big money show," premieres on monday next week. these two will be are joined by jackie deangelis, we've got that going for us. tell me, what's so special about

"the big money show"? >> you have three, i hope, incredibly talented people coming together -- [laughter] >> i've got to prove myself, stuart. it's on the line right now. stuart: that's a good start, taylor. [laughter] and we're just going to each bring our different strengths and talk about all the big money on wall street, stu, that we hear from every day. goldman, you name it, they're all making money. we can to too. we're going to bring a nice conversation to our audience, make hem more well informed -- stuart: yeah, but brian is an academic. >> i know. stuart: he's a professor. >> i know. he's a big brain. stuart: but he does not have -- >> it's all about the conversation, stuart. we're going to take the issues that matter, and we're going to hash it out. taylor and i don't always agree. in fact, she likes to needle me on occasion, and that could make for some interesting on-air -- stuart: you're not just socialists, surely. >> no, we disagree on how healthy the consumer is right now. >> i think about stuart and that

$10 bread. by the way, you should see what he paid for mustard, it's outrageous. stuart: where did that come from? >> you don't use mustard with your sandwich? stuart: no. i don't eat sandwiches. >> a man of the people doesn't eat sandwiches? stuart: the bread that i toast in the morning, i put some smoked salmon on it, and that's breakfast. >> oh, dear. we have a lot to live up to on our show. stuart the new show starts next week, right? >> it does. 1 p.m. eastern. we're so excited. stuart: it'll be great. [laughter] >> thanks for that vote of confidence. stuart: it will, i just know it. some states have implemented mandatory salary transparency laws. i hear the law is backfiring. lauren: it's not transparent at all. i give you proof. okay, this is a listing, it was a software engineer job in california for netflix. that's the pay scale. you can make $90,000 or just add a 0, you can make $900,000,

okay? software engineer at tesla, pay scale $100-380,000. i mean, come on. and we're just scratching the surface. these are early examples because california just started doing this at the beginning of the year. their compliance rate is only 51%. new york is doing this too, so california's not the only state. but the transparency is not transparent at all because you're even more confused and probably even more mad when you see the range is basically a million dollars. toureout crazy. thank you, lauren. it's tuesday morning, coming back after a 3-day weekend. dow's down about 100, nasdaq's down about 25. the opening bell is next. ♪ ♪ meet three moms who each like to bank their own way.

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stuart: three and a half minutes to go before we open up on wall street. we're going to open up down but not by much. ryan payne joins us this morning. technologying -- technology, big tech hassal willed is -- rallied, but you're not in it, are you? >> i say beware of the rally. interest rates have come down a little bit, animal spirits are out. bitcoin's up 25% for the year, but i'd say i'd use this to get

out if you're not already. stuart: why? you just can't go anywhere big tech? are you killing my microsoft? [laughter] >> remember, it did nothing for 13 years. still a great company -- stuart: oh, i remember are. >> i i know, stuart. [laughter] stuart: it went nowhere. >> you were a patient man -- stuart: and then i sold some, the thing went up. [laughter] >> typical investor, stu. stuart: it's true. >> i think this time lessen your tech exposure, get diversified elsewhere. stuart: okay, we had big banks, some earnings reports. two this morning. what are they telling you about the economy and the marketsesome. >> i think it's very good. we had beats on friday, bank bank of america, jpmorgan. gold minnesota didn't do so hot today, but morgan stanley just crushed it. i think what we're seeing, i've been one of the only people suspect that we're not going into recession, and it looks like we're probably not. most analyst expectations, their base case is we're going to go

into recession, so their earnings estimates are too low, so i think most companies are going to beat this quarter. stuart: okay, you say don't get back into tech, where do i put it in? >> we're looking at international markets right now, even england, stu. stuart: international markets? most of our viewers don't informs in britain, japan or any place else. >> thank god i'm here today -- [laughter] because if you look at where the big bounces have been, they started in the fall. actually, europe outperformed last year, and they're outperforming this year, and historically do just as well as the u.s. markets. it's typically cyclical, and they're starting to lead the leadership right now especially from china and to the the lockdown. stuart: give me a british stock. >> glencore. it was a great stock last year, valuation's still cheap. most british stocks are still cheap. a lot of runway there.

my sort of recessionary fierce are already priced in, val -- fears are already priced in. you've got to own europe, stu. stuart: maybe i should go back and buy some -- [laughter] >> sell that microsoft today. stuart: no, no, not doing that. that would be a headline -- what's the name of that company? >> glencore. stuart: give me another one. >> okay. so i also like, i like royal dutch. anything energy related in europe trades at a discount to the u.s. energy companies, and we know right now energy is not going can away. the need for fossil fuels is going to be huge. dividend yield's very attractive, much cheaper than u.s. energy stocks. gotta own it in your portfolio. stuart it's been a long time since we've had a guest saying put your money in britain. >> i wanted blow your mind morning. stuart: you did it, son. all right. the opening bell will ring in literally 9 or 7 or 8 seconds, and we'll take -- there you are. they're clapping and cheering.

it is tuesday polling long -- following the long weekend. we're expecting minor league losses. i think that's what we're going to get. all right. trading has begun. look at that. we've got some buying. i see two-thirds of the dow 30 on the upside, some of them not yet open, expect dow is only down 35 points and rapidly closing in on dead even. the s&p 500 is up .01%. i call that dead flat. and the nasdaq composite, again, dead flat. it's down .09%. how about big tech? we always like to take you to the big tech stocks right at the start of the trading session because this is where the money has been, not necessarily where the money is now. and payne, who's still sitting here, thinks heir going to come down. amazon's up $98, the rest are down. let's have a look at musk, as in elon. he goes to trial today. this is all about tweets back in 2018 where he offered 420, $420 for a tesla share, for the tesla

company. take us through the trial. lauren: it's in san francisco where shareholders claim musk defrauded them back in 2018. he tweeted: funding secures to take the company private. they the say that tweet cost them billions of dollars. so today opening arguments are likely after the jury is victimmed. special jurors -- selected. potential jurors, hey, what's your opinion of elon musk? do you own a tesla? because people in san francisco don't like him, and the judge wouldn't let him move the trial to texas where i think you would agree that that people are more open to free speech and free thinking. stuart: san francisco, definitely. [laughter] lauren: here's the deal, the jury has to determine if he willingly and knowingly defrauded those investors. he already paid $20 million, and tesla already paid $20 million if -- stuart: yes. and the stock is now six times more valuable than what it was in 2018. lauren: so what's the bottom line? stuart: they only have a case if he can say and prove that

musk -- if they can say and prove that musk operated recklessly. lauren: they just don't like him. [laughter] stuart: well, that is the bottom line. how about this, is there another hick hiccup -- hiccup, please, he acts in microsoft's acquisition of activision blizzard? lauren: could be. they're reporting that the antitrust watchdog of the e.u. is warning microsoft over that $69 billion acquisition of the maker of "call of duty," huge franchise. they're expectedded to put out this statement of objections, basically why they're concerned about this potential deal. microsoft then address cans those concerns to twist their arm and get them to push it e through. microsoft says, look, we need more content because with we're competing with the likes of sony. they've offered to let "call of duty" play on other consoles like nintendo, for instance, all to a-- allay fears. stuart: one of these days, europeans will come up with a

viable company like microsoft. in the meantime, they're going to copy their ideas and take their money. look at bitcoin can. have you any idea why it's breaking out? lauren: fear of missing out. stuart suit that's it? stuart: lauren: and the ftx fallout. you're stuck in the $16-17,000 range, and all of a sudden over the weekend 21,000 the, it seems to be holding. i asked two guests yesterday, they said, yeah, we don't believe this. bitcoin's going back to 8,000. stuart: ryan payne's i itching to get into this. >> nothing's changed, stuart. when was the last time you used bitcoin to buy coffee in the morning? never. lauren: i don't know if we can, but if yo pull up the cryptocurrency-related the stocks, all surging today. 10% gains in mare hon. stuart: that's a rally in crypto today. lauren: so there is something going on. stuart: careful, payne, careful.

lauren: for certain cryptos. stuart: let me see pfizer, please, because i think wells fargo says pfizer needs a covid vet. reset. the stock is down 3.5%. lauren: look, they're concerned about the vaccine. it's not popular right now. then yesterday a safety monitoring group came out and said if you had the covid shot and you're older than 65 years old, we're monitoring data, increased risk of stroke. then they're looking at -- that's just the vaccine. then there's slowing sales of the treatment like pax if low vid. that's hurting pfizer, and the bank is concerned. stuart: here's something i don't understand -- lawyer lauren oh, great. [laughter] stuart: jpmorgan forecasting bad news for toymakers, hasbro and mattel. what's the the big bank doing forecasting hasbro and mattel? lauren: well, they cover the stocks, and the stocks are bought by consumers which are 70% of the u.s. economy. and they --

[laughter] the good news is the supply chain is improving. what that means is retailers are holding all of these toys, but consumers aren't buying them as much. so they're concerned about the consumer not buying as much. they say hasbro is only worth $70, so it's gone up a little bit, and mattel is only worth $25. so it, too, will be going up. hollywood's going to come to the rescue, the new barbie movie's coming out this year and the new dungeons and dragons. i'm not an analyst, i am a parent, and we buy a lot of toy- >> that matters more. lauren: -- manages to boost sales. i mean, i'm right. >> my kids, my girls have been talking about that barbie movie for months. it's the worst. stuart: the worst? >> yeah. lauren: he doesn't want to watch barbie. stuart: i seem to have lost control of this program even though it's got -- lauren: my camera's over here today, and you guys are over here, so it's really -- stuart: yes.

[laughter] you cannot have tomorrow off on the grounds that you threw your neck out. [laughter] last one, united airlines. i know they report afternoon. they're down a fraction. what are you looking for? lauren: well, analysts, analysts are looking for revenue to go up 49%, 12 billion in revenue. more people are flying, right, both leisurely and at the corporate level, which is good. china air airfare, they more than doubled as that country opens back up just because they don't have the capacity. demand is there. here's the issue with all the airlines, and it's going to come lu in united too, their costs. jet fuel up 42% year-over-year. i don't know what united is pay, but overall jet fuel is up that much, and they have to pay pilots more money. so, yeah, business is great, but operating costs are not great, and that can hurt them in the end. stuart: got it. thanks, everybody. by the way, dow is now down just over 115 points in the very early going. the media turning on biden

over his handling of classified documents. there's a switch. roll tape. >> it's very, very big. not legally, but politically it's very, very big. >> by stumbling and bumbling around, by not getting their timeline right, amateur hour is over. stuart: how can biden run in 2024? brian kilmeade will weigh in. president biden says the federal deficit is down. larry kudlow says he got it totally wrong. larry is next. ♪ you know i know that you know i know that you're a player ♪

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♪ ♪ stuart: see that headline, drowning in debt? new data reveals just how much the average household actually owes includes i of mortgage, car

loans, credit cards. look who's with me. how much total debt are we talking about? >> reporter: more than $165,000 and collectively when we look across the country according to nerd wallet, it's now surpassing $16.5 trillion, stuart. that number is just climbing over the past year. they're that tracking an increase of more than 7.5%, and that's because we're seeing inflation remaining high, interest rates are now climbing. credit card debt, as you mentioned, that's a big part of it. the revolving debt, well, it reached nearly $460 billion. stuart, that's up by more than 28% over the year. and the rising interest rates now mean that a household with that average amount of credit card debt, they're going to pay nearly $1400 in interest alone this year. >> people are turning to credit cards for all sorts of things. some of it is that discretionary s&p spending, some of it is travel, but a lot of it is just to cover their day e to day bills, trying to cover the

groceries and eating out. >> reporter: mortgages and auto loan debt can also increased over past 12 months, the average u.s. household owed about $22 2,000 in mortgages and $29,000 in auto loans, up 8 and 5% respectively. we mow high prices coupled with the rising interest rates, it's expected to slow the global economy this year. but, stuart, the international labor organization predicts unemployment is not going to rise a lot. instead, they think wages are really going to fall significantly this year, and for american families that means less money being earned, brought home and more pressure to keep up with these bills by possibly dipping into more debt, stuart. stuart: that's not what president biden wants to hear at particular moment, is it? >> reporter: not very encouraging. stuart thank you very much, indeed. president biden tried taking a victory lap over the decline in the deficit. watch this. >> you know, you going to talk about big spending democrats again? guess what?

i reduced the deficit last year $350 billion. [applause] and this year federal deficit's down $1 trillion plus. [applause] hear me, that's a fact. and there's going to be hundreds of billions reduced over the next decade. stuart: we need somebody who knows all about government spending and government financing, and i think we've got the right guy. he's known as larry kudlow, and e -- he just happens to be with me right now. larry, i think the president is dead wrong on this. have at it, please. >> well, look -- [laughter] it's the numbers he cites. by the way, he means '21 and '22, it's not last year. but the numbers he cites have nothing to do with spending reduction or deficit reduction are on his part or from his policies. they are all the runoff of emergency cosild spending -- covid spending. that's the issue.

he had nothing to do with it. and there's a second point i want to make here, and that is on the revenue side we have seen a cascade of revenues coming into the federal coffers. they all said the trump tax cuts were going to lose money and biden tax, quote, triple down -- trickle down, like he always does. the trump tax cuts paid for themselves and then some. instead of a $1.5 trillion deficit revenue loss, it was a $1.5 trillion revenue increase. so we with ought to be returning surplus revenues to the people who earned them in the first place, and he ought to stop spending. i mean, he is actually -- he has actually proposed and gotten, sometimes unfortunately with republican help in the senate, $6 trillion of new spending that will play out over the next 10 years. so, yeah, covid spending has run

off, and he has put another $6 trillion many spending on the books -- in spending on the books, and that's why the house republicans are going to stop all this nonsense, and they're going to have new spending caps and, you know, they're going to say i would say $3 of spending cuts for $1 of debt increase. and they're right ooh to do so. stuart: the debt ceiling expires on thursday. is it worth shutting down the government to get a deal with significant spending cuts, and if you get spending cuts in the house, do they follow through in the senate? does it work in the senate? >> well, it's -- we will see. look, the debt ceiling officially ends thursday, that that's true, $31.4 trillion. you won't breach the borrowing, actually, requirements probably until the summer, june, july or august. so that'll give congress plenty of time to put a budget together. and as i said, i thinkable the 3 for 1 is a great idea -- 3 for 1. $3 in spending cuts for every

dollar of increases. schumer's senate won't buy it, biden won't buy it, but they may be forced to deal, they may be forced to compromise. i mean, here's the great thing. yesterday joe biden accused republicans of fiscal demen shah. -- dementia is. now, i ask you, stu varney, if you were joe biden, would you be calling anybody dementiasome would you be using that word? i think his speech writers have got to give him a different messaging technique on, don't you think? stuart: i would agree. >> not only does he spend too much, but he does a lot of other things. i'd stay away from that world, if i were he. -- that word. stuart: i think that's very good advice. i i want to hear more about it this afternoon at 4 eastern here on fox business with. [laughter] kudlow, good man. >> thanks, stu, i appreciate it. stuart: coming up. the white house says there are no visitor logs at president biden's wilmington home. how could that be? does the secret service have a list at least? commentary from former acting

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stuart: chevy unveiling its brand nucor vet e-ray, the first high hybrid all-wheel drive corvette. gary gastelu's taken a look at it, and he's with us this morning. what's so special about it? >> got to go for a ride as well. it's got the v8 behind the driver, rear-wheel drive. they put an electric motor driving up front wheels to make it all-wheel drive. the extra power, the quick withest car chevrolet has ever made, 0-60 in 2.5 -- stuart: wait, 0-60 in 2.what? >> 2.5. it's a hybrid for performance not fuel efficiency, they don't

have the fuel economy numbers yet. this is all about making a fast all-wheel drive corvette, but it doesn't even have a plug although it can go all electric for short distances under 45 miles an hour in case you need to sneak in at home at night. stuart: a suitable place to hide secret documents, perhaps. [laughter] it's obviously different from joe biden's corvette. any idea on the price? >> $104 grand for the coup, 112 for the convertibling. that's a lot. it's not the most expensive corvette, and the average transaction prices for corvettes last year, and they sold about 35,000 even though production was constrained because of the semiconductor shortage, was pretty much close over $90,000. so it's expensive, but people are spending this much on the heavy corvette. stuart: it's still got that look, the corvette look. wide and low to the ground. that's a pretty good description, i would say. would you agree with that? >> absolutely. lauren: can you get in it?

stuart: no. that's the thing about old guys and -- [laughter] you you know how to wind me up, don't you? i could not get in and out of that corvette easily. >> it is pretty roomy for a sport car -- stuart: once you're in. i need a crane to get me out of that thing. [laughter] hold on a second, gary. lauren, a serious question. stop laughing. what percentage of vehicles sold last year were electricsome. lauren: 5.8%. stuart: that's it? lauren: yeah. it's small but globally it's the double that. worldwide it's 10 percent. that's pulley electric the cars, not hybrid. the biggest growth is happening in china, 19% of all cars were fully electric there, and in europe it was 11%. germany, 5% -- 25%. stuart: 25% of new vehicle production, that's not 25% of all cars on the road are electric. lauren: no. no, no, of production. but it means the number keeps

doubling year-over-year, so start very small, get bigger, double, double, double. they're trying to move in that direction. >> but germany chucks a ton of money at people to buy these cars. that's why sales are so strong. 6,000 euros or something if you buy one of these electric vehicles. so you talk about the install base and how past it's growing, governments are taking some people's money and throwing it at other people to buy, and guess -- the wealthier people. this is a wealth transfer from the middle class to the wealthy. lauren: yeah. because wealthy people have multiple cars, so they have the gas guzzler when they need to go somewhere. stuart: which country in the road has the highest reported electric vehicles in the world? the answer is norway, right? lauren: yes. at 60%. stuart: 60% of all vehicles -- of course, they're an exceptionally rich country. >> thanks so toil concern -- thanks to oil. stuart: what a wonderful story, isn't it? thanks very much, gary. all right, are we going the see evs becoming more and more

mainstreamsome we'll discuss that later. i want to -- an old script. brian, thanks for joining us, you're all right. >> thank you. stuart: still ahead, pete hegseth, brian kilmeade and dr. marty makary. the 10:00 hour is next. ♪ tell me you love me or not, love me or not, love me or not ♪ .. when aspen dental told me that my dentures were ready,

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