stuart: good morning, everyone. yes, i know it's important and i know it moves markets and economies, i get it, but i still find fed watching excruciatingly

boring. it is fed day, by the way, the day that jay powell announces what he's going too old with interest rates. he's expected to raise rates a quarter point, but it's what he says later that will move the markets. the dow looking at a 100-point loss -- actually, 185 now. small loss for the s&p, 15 points down on the nasdaq. there is one true, stand theout stock this morning, snap. trouble with declining digital ad sales. taken to the clean ors, the stock is down at this point 12.5%. all right, that's the market. let's get to the good stuff, shall we? exxon reports a $55 billion annual profit. the white house calls it outrageous. it's biden's energy policy that helped exxon make all that money. when you cut supply, demand goes up, the price goes up and so does the profit. biden's a climate i guy, hates oil. at a fundraiser tuesday, he said climate change is a bigger threat to humanity than nuclear

war. the president comes to new york city but does not see or even mention the migrant crisis unfolding very close by. locals are not happy. they're paying for a problem they did not create. this is a democrat city. the democrat president has a political problem. 3 p.m. eastern today speaker mccarthy sits down with the president. they're talking debt ceiling. closed to the press. we hear the president wants a commitment that america will not default on its debt. mccarthy will insist the president negotiate spending couples. this maybe should have been the lead story, tom brady has announced his retirement for good. he was choked up, he says he only made his decision this morning. he's signed on to fox sports. will he be in the broadcast booth for the super bowl? that's a big story. i am truly shocked at this, king charles will sit down for a tv interview before his coronation in may. queen elizabeth never sat for an interview, ever. evidently, king charles feels

the need to respond to his errant son. harry. as we often say, we coffer it all. wednesday, february the 1st already. and yes, there were flurries of snow in new york this morning. "varney & company" is about to begin. ♪ ♪ oh, this has gotta be a good life ♪ finish. stuart: good live. one republic. oh, that's because tom brady is living a good life -- lauren: a good career. stuart: okay. this is what everybody's talking about. not fed day, no, no, no, it's tom brady. yeah, he's officially retiring. lauren are, good morning to you. lauren: yeah. exactly one year ago he originally for the first time announced his retirement, and now, well, he has retired once again. >> good morning, guys. i'll get to the point right

away. i'm retiring. for good. i know the process was a pretty big deal last time, so when i woke up this morning, i figured i'd just press record and let you guys know first. i won't be long-winded. thank you guys for allowing me the live my absolute dream. i wouldn't change a thing. lauren: he got choked up there. seven-time super bowl winner, no doubt the greatest of all time -- stuart: that's the g.o.a.t. thing, isn't it? lauren: the g.o.a.t. thing, yes. but his life has drastically changed. he knew football, he knew his family life. of he's no longer with gisele, shares custody of his kids. now he'll no longer have football. what because he co-- does he do? well, he just happens to have a 10-year, $375 million contract with fox sports. [laughter] stuart: i wonder if he'll be in the broadcast booth for the super bowl. fox is carrying the super bowl, will he be there? who knows?

i want to be clear, what the federal reserve does today with interest rates is very important, so that's how we're going to proceed from here on out. that's where we are ahead of the big announcement, mostly lower. dow's off 190. shah gilani is here. he's going to try to make fed day exciting for me. the january stock rally continue after today's announcement? >> barring something that the markets don't expect which would be something tremendously hawkish or a surprise 50 basis point hike, i think the markets will continue to try and go hire. doesn't mean we're out of the woods at this point, stuart, just means as the market looks like it wants to go up. and the path of least are resis resistance is higher. i don't think anything jay powell's going to say in the commentary afterwards are going to be negative for the market. there may be some minor selling, but if there is, it'll probably

be digested in a day or two, we'll be back up. that's the trend right now, we seem to be out of the bear market for now, and investors are looking to pick up bargains, and there's still a lot of them out there. stuart: you know, you famously walked away from your years-long dipped buying, walked away from the market. are you now saying, come on, time to get back in bigtime. are you saying that? >> time to get back in but not bigtime, yeah. i'm nibbling, certainly taking on some position, but it doesn't mean i'm going whole hog and buying whatever i want to buy. i am buying, and i am absolute meticulous about where my stops are, because if the market backs up, i want to take the profits on the table and reassess if we're going to go lower. yes, we can't be on the sidelines too long because the market continues to go higher with a lot of investors on the sidelines, they turn around and see the market's already up 10%, it could be 15, 20% before investors come in off the sidelines, and i think that's a

waste. you have to get in now, you have to start to get in in early january. stuart: you hear that, folks? you have to get in. shah gilani, you pulled it off. very good. thanks a lot, man. >> thank you, stuart. stuart: next case, the white house has announced it will end the covid emergency in may, but the republicans want to end it much sooner than that, don't they? lauren: yeah. the house voted yesterday to end it immediately, as in right now. that means the covid tests and treatments would no longer be free. there's a food stamp supplement, that would go away. lawmakers voted down party lines, 220-210. the house also voted on lifting the mandate for health care workers to be vaccinated. now, that vote was 227-203. these 7 democrats, we'll put them up on the screen, they joined republicans to lift the mandate if for doctors, nurses and hospital staff. look, the bottom line is it's a pair of votes considered symbolic, because it's not going

to go anywhere in the senate. but the prime minister said in -- the president said in september covid's over, and now all these months later three and a half months from now, may 1 11, that's when he actually wants toen end the emergency. stuart: they want to keep control. that's what it's all about, control. lauren: they would say they want to give companies and people time to cope with the situations. stuart: control. [laughter] all right, thanks, lauren. florida's governor desantis firing back at trump after the former president tried to take credit for all the governor's success. watch this. >> i roll out of bed, i have people attacked me -- attacking me from all angles. you're an elected executive, you have to make all kinds of decisions. you've got to steer that ship. and the good thing is that the people are able to render a judgment on that whether they reelect you or not. not only did we win re-election, we won with the highest percentage of the vote that any republican governor candidate has in the history of the state of florida. that verdict has been rendered

by the people of the state of florida. stuart: take that, trump. look who's back, brad blakeman joins me now. hey, the fight has started, hasn't it? >> yeah. but, you know, who are you fighting with? governor desantis is the sitting governor, of course, of a battleground, must-win state for republicans, but he hasn't announced, he hasn't even formed an exploratory committee. people are mentioning him as a possible candidate in the next election cycle in 2024, but desantis hasn't said anything. and here we have a declare. >>ed candidate, a former president, who's picking a fight with somebody who hasn't even, you know, himself made any mention of the fact that he's even interested in running. so it's -- stuart: you're a trump guy. >> it's a fight not worth taking at this time. stuart you're a trump guy, aren't you? >> look, i thought the prime minister did a great job for out job for our president, but

nobody has a lock on the nomination. he's not an incumbent president, and even if he were, he wouldn't necessarily have the lock on the nomination. stuart: okay. we have this story about the white house not revealing the fbi search, the penn situation, when they should have revealed it. what's with transparency here? it seems like the white house is not transparent whereas i remember trump being very transparent. >> right. and here you have, again, the cover-up is worse than the crime. there is no doubt, and i've been in several white houses, i've served most recently as a senior member of president george w. bush's senior staff and had the highest clearances myself. and i know how difficult it is in handling classified information. and all due respect to joe biden or mike pence, it's not their fault. it may be their responsibility, but it's not their fault with regard to the care and handling

of classified once they lee the white house. it is chaotic when you leave the white house. and there are so many people involved in moving you. so i think the problem that's been exposed is not a republican or democratic problem, t a process problem -- it's a process problem by the archives and others who should be more responsible if moving a former president or vice president to insure those documents do not leave the white house or other places, that documents should be lined up. it's clear it's not joe biden's fault, but it is his fault when he doesn't come clean about the kind of documents found and where they're found. stuart: an unusual and modest position from brad blakeman. a moderate position. very good, brad. i'm sure we'll see you again. >> thank you. stuart: you got it. back to the 2024 presidential race, is trump about to get his first official challenger? lauren: nikki haley will officially declare her candidacy in an event in charleston, south

carolina, about a week after the state of the union. she has dropped so many hints, the clearest two weeks ago. i think we need a young generation to really start fing things. she's -- fixing thingses. she's young, she's female. the only other female name being dropped as a potential contender is kristi noem of south dakota. but look at all these others. ron desantis, tim scott, mike pence, mike pompeo, glenn youngkin, chris sununu, many others. it's early, it could be a crowded field, but what is the loyalty to trump when many of these trump loyalists could now be contenders? stuart: well, the fight has started. lauren: i know. stuart: i see red red ink for the market when it opens. coming up, four-star air force general predicts the u.s. will be at war with china by 2025. listen to what former secretary of state pompeo said about that. roll it. >> xi jinping is watching for american weakness, he's watching

for an absence of resolve, and if he sees opportunity, he will seize that very opportunity. stuart: retired navy seal officer jocko willink will be here later today. president biden spent the afternoon in new york city yesterday, but he completely ignored the migrant crisis. new york congresswoman nicole malliotakis pins the blame on the president. she's here to sound off next. ♪ so close yet so far away. ♪ so close yet so far away ♪

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city's official shelter in brooklyn. bryan llenas outside the watson hotel. does the city have a plan to get these migrants to move out? >> reporter: stuart, good morning. well, look, new york city continues to negotiate with these migrants, offering them, well, two choices, two different shell everybodies, one on 30th street in man that hat on the or to a cruise terminal in brooklyn. the may your's -- mayor's office even bussed a few of these migrants over to the cruise terminal so they could see the accommodations themselves. for three days now, dozens of migrants are refusing to relocate because they say the accommodations are inadequate, complaining about the commute to work, having to sleep on cots and having to go outside in the cold to get to bathrooms. >> [inaudible] it's like a jail because they have -- [inaudible] >> we're not trying to go back

to the -- [inaudible] and we're not trying to be here for free, we're just trying to have a dignified place to stay like the city promised us we would have. [applause] >> reporter: critics have called these migrants ungrateful and entitled. these men say they'd rather continue to stay at the watson hotel. the city the needs them to move out to make room for migrant families with kids. president biden visited new york city yesterday to give an infrastructure speech and attend a fundraiser but did not visit a migrant shelter. >> why wouldn't he come to the herk, as it's called, set up by mayor adams to actually accommodate the failure that starts from his border and ends in brooklyn and see the work that's being done on the front lines by some decent people in new york city? >> reporter: and back out here, these migrants are out here in the cold. it's about 28 degrees out here for a third straight day. adams, stuart, is asking president biden for financial assistance. the city says it'll spend about

$2 billion offering free services and shelter to some 42,000 newly-arrived migrants. stuart? stuart: thank you, bryan. $2 billion. that's a nice chunk of change. congress congresswoman nicole mall ya tack lis, republican from new york, joins me now. is the president developing a political problem here? i ask that because new york's a democrat city. new york has a democrat mayor, and president biden is a democrat. and he's created this problem, which is now afflicting new york. i would have thought he's got a political problem out of this. >> well, look, he created a mess, and he did it single-handedly. he came in, changed the policies of president trump, he put in executive order after executive order that allowed for this illegal immigration. and let me also point out that well over 70% of the individuals who are entering our country claiming asylum do not have legitimate asylum claims. so it's infuriating to the people i represent who are now going to be forced to pay for this.

and look how you're showing individuals who now feel entitled because they've been rewarded for illegal immigratio- stuart: congresswoman, are your constituents in new york city, are they turning on the immigrants? are they turning on biden? >> well, they've already turned on biden, and they're not happy with this mayor either. remember are, property taxes just hit the mailboxes this week, and they're seeing their property taxes skyrocket to pay for what the mayor has created. look, the border crisis was created by our president, but the crisis we're facing in new york city was created by our mayor. he is using a right to shelter law that was meant for u.s. citizens, homeless new yorkers, and he's trying to apply it to citizens of other countries. it is unsustainable. it just can't continue like this. and only the mayor and the president, quite frankly, can reverse this mess. and it's very annoying that the president came to the city, he had time to do a fundraiser, right, for the democrat national

committee, but he didn't have time to go see the crises that he created single-handedly. stuart: i'm going to change the subject for a moment because you've been leading the charge to remove ilhan omar from the foreign affairs committee for almost two years. do you have the votes to finally get her off that committee? >> i believe we do have the votes. the issue is right now we have two members who are not in washington, so it may be postponed. but i do believe we will have the votes to remove her. i've made the argument to my colleagues it's not just the anti-semitic comments that we're all aware of. i've been in these foreign affairs meetings where she actually compares israel and the united states to hamas and the taliban. the fact that she can't differentiate between the two is mind boggle, and she's also blamed -- mind mind-boggling, and she's also blamed the united states for the crisis that was created by hugo chavez and nicolas maduro in venezuela and their socialist government. so the fact that this woman can't differentiate these things and she also thinks that the

biggest terrorist attack on our soil, 9/11, was just, quote, some people did something, is very offensive to me as a new yorker. she should not be representing our nation to foreign governments, and that is why she needs to be removed from this committee. stuart: congresswoman malliotakis, thank you for joining us. thanks very much. >> thank you. stuart: quick check of futures on this wednesday morning. we're down for the dow can. maybe there's a couple of dow stocks that are sharply lore, that accounts for the 180-point loss. minor losses on the s&p and the nasdaq. the opening bell is next. ♪ ♪ did you steal my money? ♪ good luck.

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on the zero data expiration options just confirms, to me, that this is nothing more than a bear market bounce, because you don't see this kind of activity in a bull market. this market is priced for perfection, and i don't think we have the perfect setup going into these next few months. stuart: do you care what the fed says this afternoon? >> you have to care if they change their narrative, right? if they say they're going to pause or they're going to change course. but the reason why they've been so bearish is because we are listening to them. powell has been crystal clear, rates are going to stay higher for longer. they have no intention of cutting rates this year. and the market is pricing in two rate cuts. you cannot have a soft landing and two rate cuts. and the market is pricing in those two things, and i think we're going to have a hard landing and no rate cuts. liquidity is drying up, and people are ignoring it. i haven't seen this much complacency since the '08-'09 time period when the banks were

telling us liquidity was not a problem, and we know what happened. we had this huge spike. and when you have these sell airs when you're going into a -- selloffs when you're going into a recession, they can happen fast. investors need to be active here and just hedge a little bit. there's nothing wrong with taking some off the table in such an unprecedented time period. stuart: when will we hit new lows that you're talking about? >> so right now, you know, it's impossible to predict the exact bottom, of course, but we still are sticking with the first six months of this year. we think we will have new lows, i think it'll be before mid-year because, again, it's going to depend on how bad it gets economically. the liquidity issue and the cost of crept is what has me -- credit is what has me most concerned. that could last until the second half of this year if we have a credit event. again, that is a dark cloud that we're keeping a very close eye on, because you can't double interest rates in a 12-month period of time with the amount of commercial loans that are

coming due that have to get refinanced and not expect something bad to happen economically. we think we'll have big buying opportunities in the first half, but if it gets materially worse, we'll keep dry powder in the back half. i'm hoping that worst case scenario does not play out. stuart: i wonder if you're getting a lot of calls from clients asking when on earth are we going to get into this rally? i'm sure you're getting them, and i'm sure you're resisting them. eddie, you're all right. see you again soon. >> thank you. stuart: 20 seconds to go. this is fed day. about 2:00 this afternoon jay powell will announce what he's going to do with rates. there's a confident prediction that it will be a base hike of 25 basis points this time around. let's see how the market reacts to that if, indeed, that's what happens. the market is now open on this thursday morning. by the way, it's february the 1st. starting a brand new month here, and we're going to be on the downside especially for the dow industrials. i'm waiting to see where we are,

we're down 155 in the first few seconds of business. i see about 6 or 7 winners. i do see microsoft winning, how about that? the s&p 500, where is that this morning at the opening bell? it is down about a quarter percent. still above 4,000. the nasdaq composite down a fraction. susan is with me. she would probably call that flat to slightly lower. susan: of course. awaiting 2 p.m., as i'm sure you are as well. [laughter] stuart: big tech, all of them down today including microsoft, it's just down 25 cents at the moment. so that's big tech, in the red. some companies reported before the bell. i'm really interested in peloton, and i see it's up 8%. so they must have done okay. susan: and the stock is up 60% the past month. isn't that incredible? stuart: i missed it. susan: i wouldn't worry, because the stock was trading at $100 during the pandemic so, no, you haven't missed much. but according to the ceo, the worst might be over and a potential turning point, barry mccarthy, and they lost the

least amount of money in almost two years. wider than expected losses, sure, and sales came in better for the holiday period. we're looking at eight quarters in a row of losses, but here's the thing, the subscription business is holding up. you still have 3 million sign-ups, and that's up 10% from last year. when you're up 62% in january alone, some will say that's pretty high momentum. stuart: i thought expensive bikes at home were done, but apparently not. susan: i think the ones who have bought the bikes, they're holding on to their subscription plans, and that's holding up the stock right now. stuart: t-mobile. susan: forecasting 5 million new customers this year, better sale, better profit to end the year. same thing we heard from at&t and verizon as well, more sign-ups for subscription business -- stuart: that's a trend, isn't it? you've got that right. how about match group? they're down 7%? susan: okay, so they made a profit, which was positive, to

be honest, in the final three months of last year. they're also guiding and warning that a slowing consumer because of slowing economies will mean that they will have lower sales to start this year. stuart: earlier in the show i said this is the stock of the day, i was talking about snap because at the time when i said it it was down 11 or 12%. it's still down nearly 12. susan: so, well, i mean, this is the third report card in a row where we're seeing double-digit declines in reaction to the session afterwards, and the outlook was pretty bad. snap said it didn't give official guidance, but they said, okay, we're turning to our internal forecast, which is pretty much the same thing, don't you think? and they're suggesting a sales decline this tweart -- quarter of between 2-10%. of wall street had expected a small increase, and this is on top of the miss to end last year, slowing advertising sales. so earnings did beat and user numbers came in as expected. 375 million daily active users, that's still more than

twitter -- stuart: is it? if. susan: which is at 200 million or so. yeah. who knew they were still so popular, especially with the younger set. stock is down 80% over the past year, but, look, i mean, it's a tough go when it comes to social media, and what does that mean for meta tonight after the bell? stuart: what are you expecting? they do report after the bell. susan: i'm expecting, well, i think we're all expecting for sales to drop, and profit, i think, will still be around $6 billion or so. the main caveat will be user growth. we're still expecting 1.99 billion daily active users, right? and are we going to see, hear the same, i guess, excuses for falling sales? is it about the apple privacy change? the slowing advertising revenue? wall street says it's all that tiktok competition, and what about that $10-15 billion per-year spend on virtual reality? stuart: yes, yes. susan: they cut 11,000 jobs, right, so they're saving money on the cost side, but are you going to continue to plow money

into a business that's not really catching on? stuart: it's just not taken off, has it? metaverse, i've not heard anything about it. susan: also, the executive in charge of the metaverse, andrew bosworth at facebook or meta, he says that the company has lost focus. so if he's admitting that, that might be a problem, might be a pivot. stuart: i think we've got another round of layoffs. i see harpercollins, paypal too, i think. susan: yes. you look at harper, i'll look at the paypals and fellowship-techs of the world. pay -- fin-tech. paypal said they're going to cut 2,000 or so, is so is this concentrated in the big tech sector as we talked about meta, amazon's cutting 18,000, and when is that going to show up, by the way, in the jobs numbers because a lot of people say the severance packages from a lot of these deep-pocketed tech

companies, that's what's holding up the job numbers in the labor report each and every month. can we quickly go through amd? we wanted to look at some big stock movers, and that report was pretty good. stuart: aren't they issuing some kind of warning? that's what i heard. susan: yes, sales are going to drop about 10%. but the fact that you had a 98% fall in profit and it was still better than expected especially in contrast to that disastrous intel report, it shows that amd is still weathering this possible chip slowdown better than anybody else. and they're talking about their in data center chips. sure, there's a slowdown when it comes to pcs, gaming and graphics, but their margins, 50% margins for each chip they sell. that is incredible, i think. stuart: it sure is. susan: that's almost like software right there. stuart: i do need to get electronic arts into the show because they are down 10%. i know that microsoft wants to buy 'em, don't they? [laughter] susan: microsoft wants to buy

activision blizzard. stuart: oh, sorry, my bad. susan: no, no, you're always looking out for microsoft's benefit, obviously. but, yes, so ea, they're talking about a delay when it comes to their "star wars" games, look loose -- looks like they're going to lay off about 500-1,000 jobs. stuart: you know, you're right, technology across the board, people are being with laid off bigtime. stuart: and i really wanted to talk about tesla because they're one of the gainers, because they're adding new shifts in shanghai which shows there's a pick-up in demand, and that means people are buying tesla cars again. stuart: tesla up again. thanks, susan. coming up, how well do voters think vice president harris has managed the border crisis? roll tape. >> the grading system goes a-f. i give her az. >> i don't want to be mean, but i'm giving her an f. >> c? >> i think kamala harris is doing a great job. stuart: okay.

maybe it's time for the border czar to actually visit the border. wouldn't that be something? a tennessee congressman is a former doctor, he's calling on president biden to undergo a cognitive test. the white house says the president has a physical this month. will the results be released, and will it include a cognitive test? we'll have a report. take a look at this, it's an op-ed, chinese communists don't have food, so now they want to control ours. do we ban china from buying farmland in america? that's next. ♪ here's to the farmer that plants the fields in the spring -- ♪ that turn from green to that harvest money ♪

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please wait patiently, or you can go to loveshriners.org to give right away. - [alec] big or small, your gift helps us all. - [both] thank you. (giggling) stuart: all right. we've got 12 minutes' worth of business under our belt. the dow's down 160, nasdaq's down 23. now this. under tiktok's policy, the app can access your contact lists, your texts, images and a whole

lot more. lydia hu's with me on this. don't they need permission to get this stuff? yeah, stuart, but they get that when we download the app and agree to the terms and conditions. stuart: fine print? >> reporter: exactly. it's all in the fine prohibit. and the big issue is for the minors on this app, can they agree to that fine print. we need to look closer to exactly what the terms and conditions say, and we found everything from your name, your age, your phone number, even your key stroke patterns, credit card details and even biometric identifiers like your face print and voiceprint. big picture here, this app tracks who you are, where you are, what you sound like, what you look like, who you're friends with and what you're spending money on. and here's something else that stood out to me. it said, quote, even if you are not a user, information about you may appear published by users on the platform. so if i appear in someone else's post, they could collect that information about me, it seems. so now this mountain of data

collected about 80 million americans who use tiktok on a monthly basis, it's raising national security concerns among cybersecurity experts who say this information is within reach of the chinese communist party. watch this. >> we're allowing a single organization that sents -- sits and is headquartered in china to be able to go do this. and that's a concern not just for me as a person, right, as a citizen who wants some level of privacy, but broader for society especially the united states to think about what does the aggregate amount of this data actually represent in the hands of someone who is viewed as a foreign adversary? >> reporter: and now, stuart, we're getting a comment from tiktok just this morning. they tell me, quote, we have never shared u.s. user data with the chinese government or the ccp if nor would we if asked. but, stuart, still a lot of questions here, and that's why the tiktok ceo is going to appear before lawmakers in march. you know, i assume to answer

questions about this privacy policy. stuart: i just didn't know that they collected so much very private information about everybody or who gets the app. i didn't know that. >> reporter: yeah. it's a lot of information. i think the concern here is not just what they're doing with it now, but what are they going to do in the future? stuart: that's right. >> reporter: what about some kid who's 13 years old and gets on the app? stuart: ten years down thed road, china wants to know more about this particular person. lydia, that's great. good report. thank you. virginia's governor, glenn youngkin, he's cracking down on the foreign ownership of land -- i guess that's farmland -- here in the united states. is he directly calling out china on this? lauren: directly, and he sounds pretty presidential in doing so. he's telling china under my watch, you will not own any of our soil. listen in. >> made in virginia cannot be a front for the chinese communist party. virginians, not the ccp, should own the rich and vibrant

agricultural lands god has blessed us with. that is why i'm asking this general assemble by -- assembly to send me a bill to prohibit dangerous foreign entities tied to the ccp from purchasing virginia's farmland. friends, that's common sense. lauren: it is common sense. and he's putting his money where his mouth is. it was just in december he told ford, ford motor, you not build this ev battery plant in our state -- i mean, that sounds great, get the jobs, get the investment -- because that ford was in partnership with the chinese company, and he said no. senator tom cotton says when you look at it in the aggregate, china owns 350,000 acres of u.s. soil. and now they're starting to own the food companies too like smithfield, the pork producer in virginia is. stuart: we've got to get more on this. look at this editorial, this op-ed. chinese communists don't have food, so now they want to

control ourselves. jeremy hunt wrote that, and he's with me now. do you see a conspiracy by china to buy our farmland and control our food supply, jeremy? >> yeah. we've been seeing this for years now. basically, you see a very similar pattern that china's doing. they wait for major american agribusiness companies to continue to kind of conglomerate into these big, kind of big super-companies, and then you see china acquire them in an attempt to control our food supply lines. so as the previous person mentioned, you saw that with smithfield foods based in virginia, and then you also see them acquiring our farmland, get this, next to strategic military bases here in the united states. and so you see this in north dakota, in texas. this is not just some coincidence. i mean, if you look at chinese ownership and marley the ccp -- particularly the ccp ownership of american farmland, it's gone up to $2 billion worth of farmland now. stuart: glenn youngkin, governor

of virginia, he wants to flat out wan china from buying our farmland. can he do that? and would you do that, would you recommend that? >> yes, i would. and, actually, at the state level, the statements have control of their own -- states have control of their own land. that is a state issue when you're talking about property. but even at the federal level, you're seeing efforts even in congress as well, the pass act which is basically intends to do the same thing that governor youngkin is doing in virginia. but you see a lot of states actually taking action. governor kristi noem in south dakota has taken action, texas, governor abbott has taken action on these types of issues. it really is a state-level thing, a lot of states need to come together and start passing legislation to protect their communities. there's no reason that our foreign adversary should be buying up our land, our farmland, and then buying companies that control our food supply. it's a major security issue. stuart: real fast, one last one. on some chinese-owned land,

they're putting up wind farms. does that interfere with our national grid? 30 seconds. >> yeah. well, when you see them -- i don't know any country on earth that would allow their adversaries to literally connect in to their own power grid. it's a national security vulnerability that is not worth us accepting. and so, and we should be able to at least review any type of foreign investment that comes into the united states. we have it's supposed to be like that but, unfortunately, those types of commissions that are designed to keep americans safe, they just haven't been doing their jobs recently. stuart: we hear you. jeremy hunt from the hudson institute, thanks for joining us. >> thank y. an honor to be with you. stuart: get this, bernie sanders wants to teach you about anti-capitalism, but his words of wisdom won't come free. we'll tell you how muc will cos. the winter storm making its way across the country has forced airlines to cancel and delay thousands of flights today. lawmakers fed up. a group of senators introduced a bill to protect passengers.

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stuart: nearly 2,000 flights canceled today as an ice storm sweeps across the south. grady trimble in chicago, he's with us now. some senators have introduced a bill to protect passengers from future air travel nightmares. what would that bill actually do? >> reporter: a whole host of things, stu, from stopping airlines from making seats on planes smaller and smaller. it would also outline requirements for refunds and compensation in the case of delays and cancellations. if your flight is delayed between 1-4 hours, for example, the airline ares would be forced to refund passengers and find alternate transportation for them. if the delay is more than 4 hours, the airlines would have to cover the cost of meals and lodging as well. it would also require them to refund bag fees if luggage is lost or stolen as well as pay travelers at least $1300 if a passenger is denied boarding on an oversold flight.

the airlines, no surprise, are pushing tobacco against this -- back against this proposed legislation. industry group airlines for america says they don't need a law to incentivize them to take care of customers. deregulation has benefited airline consumers for more than four decades, they say. the proposed policy in this bill would drastically decrease competition leading to a subsequent increase in airfare prices and potential cutting services to small and rural communities. if airlines for america, stu, also points to the billions of dollars that airlines dole out to customers every year for refunds. stu? stuart: i don't know what to do with an ice storm that sweeps across the south. [laughter] hard to protect yourself from that one. grady trimble, see you again laider. -- later, thanks. the dow is now down just 124 points, and the nasdaq actually eking out a tiny gain. still ahead, ronna mcdaniel will join us, wyoming senator

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oh yeah, that is them. (that is howard) yeah, that's on howard's campus. ohhh, she's so powerful, she carried on the family legacy. we were blown away. (chuckles) i not only was a student and an undergrad, but i've been a professor there for twenty years, so it's really a special moment to know that i had a family member who over a hundred years prior have walk these grounds. it's deeply uplifting. yes, it is. we're walking in their footsteps.

stuart: 10:00 eastern time comes to rage to the money. losses for the dow industrials are moderating, down 130. the nasdaq has turned positive, up two points but that is in the green, 10 year treasury yield below 3. 5%, 347 to be precise. big tech, mixed picture, they are all down. microsoft, alphabet, apple, meta, amazon, where is loyal today, well below $80 a barrel, bitcoin, 23,000. where is it now?