speaking tomorrow morning, and in addition to the economic data and the earnings news of the week, final words on that, michael balboni, i think that the biden administration has been successful in trying to change the conversation. talking at the enorm it of what just took place last week. >> what are they doing with defense spending? are they going to go after that and cut that in the wake of everything we're seeing with china? maria: i don't think they could do it. >> i don't think so either. maria: cheryl casone, michael ba lboni, ryan payne, thank you so much, great show. great to see you all. we will see you soon markets are lower as we head over to "varney" & company. stu take it away. stuart: good morning, maria, good morning, everyone. the balloon is still making headlines its been an international incident for a week. navy drivers are now checking out the wreckage after the air force brought it down off the coast of south carolina. the president is trying to play this positive, but he's taking a lot of heat. senator ted cruz says biden's delay in taking it down is "

telegraphed weakness." obama's defense secretary asked why the balloon was "simply allowed to cross the country." right before tomorrow's state of the union message, the president has another political problem. he also has a chronic polling problem too. in an abc news washington post poll, 41% say they are financially worse off now than two years ago when biden took office. after two years of trump's presidency, only 13% thought they were worse off. the poll also showed 58% of democrats, repeat of democrats, do not want biden to run for re-election. all right, to the markets. a little more selling today. investors still trying to figure out what the fed will do after friday's super-strong jobs report. the dow looks like a loss of about 170. the nasdaq down approximately 120 points. red ink on the left-hand side of the screen. tech layoffs continue. dell dropping 6,600 workers.

they report pc sales down sharply so in comes the cost cutting. tesla stock is up in pre-market trading. elon musk says twitter is "trend ing towards breakeven" and he won a court case too. maybe that takes some pressure off his management at tesla. he just raised prices on the model y. on the show today, some examples of the diversity statements that are now required to get a job or graduate from an american university. it's the kind of forced speech, not free speech, and it has nothing to do with academic achievement. hats off to beyonce. she has now won a record number of grammies. quite an occasion last night. on this monday, february 6, 202s here in new york city and "varney" & company is about to begin.

♪ stuart: can you guess the connection of this , lauren? saturday night is all right to fight. can you make the connection? it was on saturday we brought down the balloon. lauren: oh, okay it all blurs together. stuart: an obscure connection. lauren: but you spotted it. stuart: no the producers did. lauren: wait they told you in your ear? stuart: yes. so i cheated. let's get serious. we've got to get started with the chinese spy balloon that was shot down off the coast of south carolina. the navy's working on recovering the debris. what more do we know? lauren: three u.s. warships are combing the debris field seven miles wide in water that's 47 feet deep. it will take days be manageable with simple scuba gear instead of deep sea equipment. they're looking to find out what was in the balloons payload, because china says oh, it was just a weather balloon that drifted off course. the u.s. doesn't agree.

critics say the biden administration should have shot it down once it entered alaska. that was on january 28 and now the world is watching. what will the response or the retaliation from beijing be stuart: yeah, what will it be? we don't know at this point. it's probably something coming down the pike. president biden is now saying he authorized the pentagon to shoot down the balloon as soon as it was discovered. watch this. >> on wednesday, when i was briefed on the balloon, i ordered the pentagon to shoot it down as soon as possible. they decided without doing damage to anyone on the ground. reporter: you're saying the recommendation was from your national -- >> i told them to shoot it down reporter: on wednesday? >> on wednesday. they said let's wait until the safest place to do it. stuart: all right charlie hurt joins us this monday morning. there he is. charlie, what the is your judgment of the president's handling of the balloon situation? >> we should say poor, maybe. no, you know, this administration has shown

far more than a disdain for our sovereignty especially when you look at the southern border but its now become almost laughable and it's a hostility towards our sovereignty, and this is a perfect example. as lauren pointed out, you know, if this was a concern and you were concerned about shooting it down over land then shoot it down before it reaches alaska, or between the islands of the alutian islands before it is able to collect any data. instead, they waited for this spy balloon to collect all of the data over three or 4,000 miles across the country instead of say shooting it down over sparsely-populated montana or something like that. it's almost become like a wiley coyote cartoon, this administration's profound disregard and contempt for our sovereignty and then to have the president come swagerring up

to the sticks, to the cameras there, like he's john wayne or something, to beat his chest and show this brovado for having ordered them to shoot it down, it really does. it strains things. stuart: i think that he's developing a political problem for the president and so is this look at this. it's a new poll. 41% of people say they are not better off financially than they were before biden took office. is he going to try to tout the economy's strength at the state of the union message tomorrow? that's a tough job. >> i think without a doubt, because we've seen this throughout. his level of dilution about how people are faring has become pretty famous at this point and i think that this number is even worse than say the numbers and the right track wrong track number. this is a devastating number for him but i don't think that he is dialed in enough to

actually accept it. stuart: okay, charlie, i'm going to leave it there. i have a problem with your audio but we got the gist of exactly what you're saying. we appreciate you being with us today too. mr. biden, president biden, will deliver the state of the union address tomorrow. lauren do we know what's in it? lauren: well newt gingrich was just on "fox & friends" and he said it's going to be boring. a boring state of the union that's backward-looking, so he's expected to brag about job creation, especially after the friday jobs report, and then lay out policy priorities that likely won't go anywhere under the republican house, and that's why the focus is going to shift from legislating to just celebrating past victories, name ly, infrastructure and climate bills, so he will be celebrating his past achievements. $13 trillion in spending. many americans say that's why we have inflation. steve moore wrote this in the new york post. these are the six lies he says biden will tell you about the economy. that he reduced the deficit, that he entered office with a bad economy and inflation, so

he'll blame trump, and he increased oil production. do you think sarah huckabee sanders is going to let him getaway with that? she will be giving the republican response tomorrow night after his address. stuart: she's very sharp. lauren: yes. stuart: i'm sure of it. the only state of the union messages which i thought were not boring, at all were donald trump. lauren: he never did anything boring, actually. [laughter] stuart: never a boring moment. all right let's get to the markets and check futures out one more time please on a monday morning here is how we open, on the downside but not huge selling by any means. brian belski is back with us. are we seeing return of bullish brian belski? are you back to your old habits? >> oh, sure, stuart. i was always bullish. just a little less bullish this year relative to the past but we still think the lows were made in october, stu. we still believe that a new cyclical bull market has started the nasdaq has been up five

weeks in a row, that many of those stocks were the ones that were hurt the most last year, so we've seen some portfolio repositioning, stuart; however, we do believe that the market could be a little soft here in february given the big move in january and that's okay, because stocks are rarely linear for long and i think many investors have been surprised on how good earnings have been which has been our call all along and now, the biggest conundrum or really uncertainty is what's going on with unemployment. unemployment remains very very low and everyone now seems to want to push out the recession but what if the recession doesn't even happen? i think that's what you have to start thinking about. stuart: is that how you look at it with such a strong jobs report, 517,000 new jobs reported on friday, does that decrease the whole idea that you might be going into a recession a recession looks much less likely now? >> well, you know, an inverted yield curve always tells you that you'll have a recession so

you have to kind of stick around that but what if the recession already happened, stuart? the market went down more than 20% which says the recession could have already happened so i think we have to start kind of thinking about that, and then living in a world where interest rates are higher, but remember that's a good thing if interest rates are higher. that means the economy can stand on its own two feet. stuart: in your world, you're always in the stock market. different places, parts of the stock market but you're always in stocks. that's brian belski, right? >> yes, it is. i mean, my job is to be in stock s. if at the end of the day if i'm telling people to be in cash, i'm not adding any value, and i think where you want to be right now is more value, more small mid cap but if you're going to own growth stocks own growth at a reasonable price. you should not be chasing these high flying multiple stocks but those names with great cash flow and great earnings. stuart: what's a decent price earnings ratio for a guy like you? >> [laughter] well, there's no magic number. i think you'll want to match up

stocks that have multiples over 20 with stocks that have less than multiples than 15. match them up in your portfolio and i think that's a great way to ensure that you aren't going to have an overvalued portfolio, but have a portfolio that grows very strongly along with the market. stuart: okay. the always bullish brian belski is back. we like to see that. brian, thanks a lot, sir. we'll see you again real soon. you got it. coming up the republican governor of new hampshire christ sununu made a bold prediction about trump's 2024 chances. roll it. >> trump is going to be seen as a very extreme candidate. the country is going to pushback against it and he could get the nomination but he can't get done. stuart: okay, well it is a clearly divided republican party the navy is recovering from the pieces on that chinese spy balloon that was shot down. lt. colonel james carafano says china is playing the biden administration like a fool. strong words. he is here to sound off, next.

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that yes, they saw the balloon from the beginning followed it the whole way and then just tracking it for a few days. the president says he was not briefed until the balloon made it well into u.s. territory and that was the reason for the delay in shooting it down. >> on wednesday, when i was briefed on the balloon, i order ordered the pentagon to shoot it down on wednesday as soon as possible and they decided without doing damage to anyone on the ground, they decided the best time to do that was when it got over water, within a 12-mile limit. reporter: so this administration has yet to strike a deal with tiktok over data, at least 30 states banning the app, not the administration, china moving closer to russia buying oil and helping prop up the russian administration and their economy in the wake of sanctions by the eu and u.s. senator tom cotton says this is further evidence that president biden is going weak on china.

>> what began as a spy balloon has become a trial balloon testing president biden's strength and resolve and unfortunately the president failed that test. reporter: so today, a chinese spokesperson for the foreign ministry confirmed that the balloon as well as a secretary balloon in latin america were from china but maintains their civilian use. the spokesperson says both the balloons drifted off course, because of weather conditions, and stu, we'll have to see if the president talks about this and takes a harder line now in his state of the union address tomorrow with regards to the chinese. stuart: got it. edward lawrence at the white house, thank you, edward. senator marco rubio ripping into the administration's handling of the balloon. >> there's a symbolic issue at play here. this is not a coincidence this thing traversed the united states over sensitive military sites leading up to blinken, what was scheduled to be his visit to china. this was deliberate. they did this on purpose and the message they were trying to

send is what they believe internally and that is that the united states is a once- great superpower, that's hollowed out, in decline. stuart: okay lt. colonel james carafano joins me now. you're saying china is playing the administration for fools, a very strong word, james. justify it. >> well, this just goes to our whole strategy which is seemaly reverting back to the obama strategy which is cooperate where we can and compete where we must so this is just like an argument in the family if we just get family therapy we'll figure out how to get along and the truth is china is an adversary power and this administration refuses to treat china like an adversary power so when you have that disparity we're always going to get played because the chinese will always play us for fools because we're trying to get them to do something that they know they will never do. stuart: it seems like we're inch ing towards war with china, doesn't it? >> no.

we're adversaries but and i really hate this war talk, because people talk about this as if they aren't paying attention to ukraine when you see millions of refugees and people dying. war is really serious business and i'd hope the people in charge of countries take it seriously when the rest of us just say oh, we're going to have a war. you really think that's where we're going here? i would only say that's possible if we ignore the threat, which is what i think that air force general is trying to say. be serious because that's how you prevent wars, don't be stupid and the war talk actually is not helpful. being serious about china, that's helpful. stuart: okay so we have this balloon wandering across north america. can we look at it from a different point of view for a second? could it be that we were monitor ing what that balloon was sending back to china and could it be that we were sending false information to the balloon to send back to china? i mean, that sounds like strange theory but it's possible, isn't

it? >> it is very possible that we could monitor the emissions from the balloon. we have very exquisite what's called signal intelligence capabilities, so not surprised that we would spot it. it's a big, giant bubble in the sky. you can tell that it's emitting. one of the things the reason why i think we could be very confident that it's not just a weather balloon is the data encrypted because weather balloons don't send out encrypted data because nobody gives a damn about the temperature. so obviously, you can tell if it's an intelligence balloon. can we jam it? absolutely. you know, can we send it false transmissions? i don't think that's, i doubt that that's realistic or practical. probably part of what it was doing was looking at things on the ground and it might have been sucking up some transmissions as well, but probably more likely we jammed it or monitored it. stuart: okay, james carafano,

thanks very much for being with us always appreciate it. >> thank you, my friend. stuart: transportation secretary pete buttigieg, he was asked about the chinese spy balloon. what did he say? lauren: very little. it was frustrating. he did communicate that it was an intrusion and the administration handled appropriately. >> the military gauged the different risks and the different benefits of different approaches, made the decisions that they did, brought this thing down without incident. >> right but the presumption has got to be the chinese were able to gather intelligence hovering over the united states for day after day, especially over some of these sensitive sites. >> i'm sure there's a similar presumption about what spy satellites do. that is well-outside of my lane. i'm just glad nobody was hurt as this came down. lauren: outside my lane? he's a cabinet official. the faa worked with the defense department to coordinate the ground stop to take it down and jake tapper was getting very aggravated in that interview. he kept asking why not shoot it down earlier? why not this? why not that?

got very little answers. stuart: didn't have much to say. one more time, as we're what, seven and a half minutes from the opening bell on wall street. i'll show you futures. we're going down, but not that much and we will be back. ♪ ♪

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stuart: all right, futures pointing south, but there's not a huge sell-off by any means dow off 130, nasdaq down about 120. keith fitz-gerald back with us this monday morning. you think investors should focus on defense stocks. got it. that's a theme you've been playing for months now. >> absolutely. i think china is as dangerous as it gets, stuart. i wish i didn't have to say that or feel that way but the reality of the situation is that was not a weather balloon and they have nefarious plans in the works. stuart: lockheed martin you talked about this a couple months ago and said in another d. r. barton, i think its gone straight up since then, hasn't it? lockheed? >> well i would love to take credit for that but the fact of the matter is that's a great

stock with great things. it's key to our national defense especially when we're involved in ukraine, all of our allies are concerned about what's happening in china. we'll have to rebuild inventor ies with some of the world's most sophisticated weapons platforms and that's the company to do it. stuart: well america's government provide the money for them to do it because the u.s. defense budget isn't going up that much. >> no, it won't, but here is the thing about politicians, right? they may be a lot of things, stuart, but stupid just isn't in the cards. they're not going to let their constituency, our country, fail, because they could have made a decision so my bet, as has been the case in the past is that they are going to continue to spend because their backs are pushed up against a wall. stuart: the big earnings report this week, one of the big ones is disney. they're coming out i believe it's on wednesday afternoon. i think it's wednesday. what are you looking for? >> you know, disney is an interesting one to me. i think it's going to be anti wokism or woke recovery in my book, i'm looking for guidance. it was a favorite stock of mine for a long time, but now that

the company has got to be in recovery mode i want to give it a quarter or two to see if they put the numbers back on the board. stuart: do you think bob iger would get on the call? if he does get on the call, and talk about wokism? would he do that? >> i don't know if he'll do it directly, but he's pretty blunt and what's really cool about iger is he's got a great track record of taming, calming investors and saying the right thing at the right time so if he gets on that call, you can bet that's going to be his role. stuart: okay what's your target price on walt disney? >> you know, i don't have one, stuart. i just simply want to see the quarter by quarter comparisons. i want to see the numbers rise four, 5% and then i'll think very seriously about getting back in at which point i'll do that calculation. stuart: is it really all about streaming, disney plus? >> i don't think so. i think it's about the branding portfolio. it's about all of the movie assets, the toy assets, the park it's an integrated package. people are making a big stink about streaming but they aren't seeing bigger

picture, to me it's the branding stuart: we shall see. keith thanks for joining us we'll see you again soon. >> thank you, stuart. stuart: we have about 30 seconds to go to open this market this monday morning. the backdrop, well the balloon is still making headlines but i don't think that has any serious financial impact either on wall street or the economy. i just can't see that. it's a very interesting story but not truly germaine to our country's finances. more important perhaps is this extraordinary poll, abc news washington post which asked the question, are you better off now than you were two years ago at the start of the administration? 41% said no. we're not better off now. nobody is. >> [opening bell ringing] stuart: that poll has never seen that kind of number on that kind of issue. a big negative to the president. so the market is now open and we're off and running down about one-third of a percentage point the dow is down 116 points. let's look at the dow 30 stocks. bring them all up if we can.

no it's not working. look at the s&p 500, how is that well there you go. there's the dow 30. eventually we got there, you see so we've got about a majority of the stocks in the dow are on the downside. they're losing this morning. s&p 500 also opening slightly lower. you're off a half percentage point there. nasdaq composite down three- quarters of 1%, so big tech i presume is selling off, yes, to some degree. not that much. meta is virtually unchanged and so is amazon. so is microsoft. there's not that much change. google is the mover down just two bucks, 2% that's it. more job cuts are on the way in big tech. this time it's dell computer, putting people on the sidelines. >> we're looking at what, 5% so 6,650 jobs on top of hp, hewlett packard announcing 4,000 to 6,000 layoffs over the next three years, and they announced that back in november.

really not a big surprise. we're in this tech-cutting cycle , and we know that the pc boom during the covid lockdowns remote work that's pretty much done so paypal also announcing and cutting 2,000 jobs, that's after the 50,000 plus of big tech job cuts whether it's alphabet, microsoft, et cetera so it also makes that january blowout jobs number of 517,000 even more incredible doesn't it? stuart: it was a blowout. >> some of the things i dug into with some of the economist notes about why we got such a three times bigger number, you had university workers coming back on to the payroll after a strike, and also 45,000 workers each and every month according to co-america are now looking for second jobs, so that participation rate went up and they're looking for second jobs because of higher inflation to make ends meet. stuart: tell me about tyson foods as in the chicken people. >> yeah, well, actually beef was a problem for them so weaker than expected results here. they missed really badly. they missed and made only one-

third less in profit does that make sense? made one-third less in profit than wall street estimates but sales came in slightly better and the problem are margins because they are blaming falling beef prices, lower pork demand. inflation means shoppers are switching to cheaper meats like hamburgers instead of buying steak and it was a tough compare to last year when bacon and meat prices were speaking off the charts. stuart: you need a second mortgage to buy a steak. we've got to talk about elon musk. a jury found him not guilty of defrauding tesla investors. take us through what happened. >> yeah, and remember 2018 where those funding secured taking tesla private at 420 those tweets? and just you're shaking your head going why would anybody want to invest in a company run by this guy and the way he, i guess, communicates his intentions, right? but you had a class action lawsuit by numerous investors in tesla because they agree with you saying he caused material impact and losses to our portfolios, because of those

tweets, and that deal that never materialized. now, if you look at elon musk, he would argue, look, i had a handshake deal with saudi arabia sovereign wealth fund. these were promises that were to be made that never materialized so it wasn't really his fault, but i would say if you look at tesla stock right now the fact that you're up 54% in the first six weeks of this year, and he's won two lawsuits in a row now of being found not liable, he's on a role. stuart: i was just going to say that. he is definitely. what was that percentage? >> 54% so far. stuart: this calendar year? >> that's right and we're only seven weeks in, but last year worst year for tesla stock. stuart: now you know dan ives i believe he raced his target price for tesla. >> yeah, i saw 225 on wedbush's call this morning and that's because of the ev tax credit tailwind. remember i told you about that on friday. that's why tesla stock spiked on friday, the treasury likely raising the eligibility of electric cars to $80,000 and that will include a lot of model

tesla models including the model y, so as a result they hike the price of the model y up 2% over the weekend. you're still just under $55,000 for the starting price on that long range and wedbush also pointing to china demand research and i told you about tesla deliveries last month of 60,000-plus not bad. it was up 18% and they are still delivering making more cars in their next three local competitors in china combined stock up pretty good this year. stuart: yeah, i'll say. next case, the meme stocks. are they back? >> well, here is the thing. the reason why it's good we're talking about this off the tailwind of tesla is because tesla options have hit another record, and a reason why the stock is up 54% so you have mania volumes, those retail investors back in even more now and they are investing and betting more than the height of the gamestop saga back in january 2021. stuart: really? >> not only record for tesla, cathie wood ark investment saw

options spike up as well. have you looked at coinbase? you've made 111% so far this year. you've doubled your money in coinbase, tripled your money on carvana. remember that troubled used car company? i can see your face going, what has investing turned into? stuart: yes. >> and there's a bit here, but this is the thing as i told you this is great for global investors and global markets when young investors are willing to get back in so soon after a terrible year last clear, because i always draw to the comparison the dot com bubble burst and they didn't come back for 20 years and now they are making up 25% of all market volumes, incredible i think. stuart: that is interesting. a couple of downgrades i know i've seen it, lyft downgraded. >> yeah, so this is interesting they were downgraded from a buy down to a hold and talking about the active rider metric for the fourth quarter that could fall short of expectations we'll hear them later on this week and uber also of

course reporting as well. stuart: paypal downgraded? >> yeah, raymond james downgraded the stock to market perform talking about how the stock already started off the year so strongly up 20% and announcing those 2,000 layoffs we talked about so its pretty much been baked in also they have some cautious concerns about the set of earnings for the fourth quarter that they are set to report as well. stuart: plenty of red ink this morning. it's not an absolute disaster. >> not terrible. it's actually i think compared to how you start this year compared to last year? stuart: i'll take this year, thank you. >> yeah. stuart: check some numbers for you. first of all the yield on the 10 -year treasury is going up sports fans. 361. this time last week, i think we were looking at 338. >> and there's still almost a 90% probability they will cut rates at least once before the end of this year. stuart: so says the market. >> yeah. do you believe them? stuart: the price of gold below 1,900 bucks an ounce still 1,886 bitcoin is at 22, 800, oil is $

73 a barrel, nat gas whoa just continues to fall out of bed, 241, its been warm in the northeast. the average price for a gallon of regular gas is now 3.47 and for diesel, you're coming in at 4.62. coming up, president biden claims chinese surveillance balloons briefly transited during the trump administration. listen to what john ratcliffe had to say about that. >> they either find a way to blame the trump administration or they try and find a way to say the trump administration did it too, and that's what they are trying to say here. this happened during the trump administration. it didn't. stuart: okay, house arms services committee member mike waltz is here on that. take a look at this. it's an op-ed. the desantis strategy, ignore an increasingly agitated trump. joe concha wrote that and he's here on the trump-desantis rivalry. billionaire is route deepening, india's main opposition party demands an investigation into allegations of fraud and stock

price manipulation. i'll ask vivek ramaswamy if he trusts corporate governance right after this. ♪ ♪ hi, i'm katie, i've lost 110 pounds on golo in just over a year. golo is different than other programs i had been on because i was specifically looking for something

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stuart: elon musk is giving an update on how things are going at twitter since he took over. what did he say to say? lauren: so he tweeted "the last three months were extremely tough as i had to save twitter from bankruptcy while fulfilling essential tesla and spacex duties. twitter still has challenges but it is now trending to breakeven ." there's no way to verify that but if you take his word for it, which we will right now, consider this. when he took over twitter back in october, he came on the

record and said i'm working 120 hours a week. 120. that's 17 hours a day if you allocated evenly over seven days a week, and you also said when twitter is stabilized he can work on tesla more. maybe we're close to that point because look at this. many reasons for tesla shares being higher today but up another 3% nearing 200. stuart: and it's up what, 54% since january 1? lauren: probably i'd say 60 but yeah. stuart: it's only february 6. lauren: yeah. stuart: extraordinary. thank you, lauren. gautam adani's net worth has indeed plummeted and the stock of the companies he owns continues to take a beating this morning. vivek ramaswamy is with us. vivek? do you trust india's corporate governance and their bookkeeping >> so stuart, i would never say i trust emerging markets nations bookkeeping wholeheartedly but i would say india is, in my estimation, broadly no worse and no better than many other emerging markets as well, from brazil to china and so on.

what i think is interesting about this story though was the linkages to government and particularly to the mothe administration. actually in thef believing mothe has done an incredible job but the irony is in part he came to power through railing against capital ism yet his tight relationship with adani is an important part of this story as well and maybe as we learn more an example of crony capital ism in its own right and i think that's a cautionary tale for many emerging markets when you have companies that have that cozy of a relationship with government. it tends to be a telltale sign for corruption and scandal and to be honest, stuart it not a bad lesson for us to learn here in the united states as the relationship between big business and big government gets ever-closer as well. that's the most interesting part of the story to me. stuart: i want to talk about your new etf which invests in foreign markets but not china. they are all foreign markets but not china. tell me more.

why are you doing that? >> well, stuart, i think one of the great under-appreciated risk s in capital markets today is that china-related investment risk, okay? you'll hear the biggest asset managers in the word like blackrock or vanguard talk about climate risk but it's notable many of those esg promoting asset managers don't say a peep about china related investment risk and the answer for why is clear. they have deep seated conflicts of interest in china that prevent them from talking about china-related investment risks so one of the reasons i founded strive was to actually be a vocal fiduciary for american clients but one of the ways you can do that is actually by not having those conflicts of interest and so strive is a business, for example, on day one, said we weren't going to build an asset management business in china but that then puts us in a position to talk about these china-related risks. you see a spy balloon flying over the united states, an increasingly aggressive posture towards taiwan. i think one of the great under-

appreciated risks in capital markets over the next several years is the risk that china actually makes its move on taiwan and i think capital markets are under-prepared for what the consequences of that event could be and i hope that we can play a role in educating markets about this risk because other asset managers are too afraid and too conflicted to do it. stuart: it seems like your whole approach, your whole company and all that you're doing with your company is directed at esg investing and trying to take it down. >> well, in particular, stuart, it's about filling the void created by esg with something more meaningful because the esg- promoting asset managers in the name of highlighting risk have actually forgotten about the most important or purposefully ignored the most important risks that are staring us in the face, so my view is, we need to end this three-letter capitalism movement. esg, dei, csr, or for that matter ccp, throw it out the door and focus on exclusively pursuing excellence. companies are at their best when

they do that and i think investors can be at their best as well in highlighting the real risks that they face instead of spouting off about climate risk or board diversity risk which isn't really the actual risk factor that effects whether or not they succeed. stuart: meritocracy is a wonderful thing, vivek ramaswamy , great stuff. thanks for being here. see you soon. >> thank you. stuart: democrat senator corey booker says tiktok is working with u.s. intelligence. what's that about? lauren: [laughter] yeah, they're not feeding your personal data to china and that the promise that lawmakers are actually working with tiktok management should make you feel better using tiktok. listen here. >> i think there's two ways to approach this. one, the proactive step of banning it on government devices is something that the united states federal government is doing, states, and even localit ies are doing but the other way to go about this is going directly to the company and they are now working with u.s. intelligence folks to try to make sure that the proper precautions are taken so the

chinese cannot get access and use it for spying, so this is something we have to take seriously. lauren: he still uses tiktok by the way on his personal device, and you know, i'm going to say something controversial right now. tiktok is on 200 million american devices. whatever information china was going to get , they have. they already infiltrated all of our business, if you're on it he's still on it on his personal devices so it's great. they are talking to tiktok but do we trust tiktok? right? stuart: that wasn't very controversial. all right lauren, thank you. coming up here is what we have. president biden's preparing to deliver his second state of the union address. transportation secretary pete buttigieg says biden will defend his extraordinary economy, his words, roll tape. >> what we're seeing is extraordinary. record job creations, and usually, when you have unemployment go down like this , you have inflation go up but right now, inflation is going

down as well. stuart: polling suggests significant discontent and we will get into that. the faa is investigating why two planes clipped wings at newark airport over the weekend, but that's not the only incident raising concerns. we've got the full story for you , after this. ♪ ...will remain radioactive for years to come. well, thank goodness. it's time for the "good news of the week." and, boy, do we need it. [ chuckles ] well, this safe driver saved money with the snapshot app from progressive. -how do you feel? -um, good? he's better than good. he got rewarded for driving safe and driving less. sorry, barb, just to confirm,

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since starting golo and release, i have dropped seven pant sizes and i've kept it off. golo is real, our customers are real, and our success stories are real. why not give it a try? stuart: the faa is looking into an increasing number of plane collisions. connell mcshane at newark international airport. all right, connell. there was a collision there over the weekend. what happened? connell: well, there were two planes on friday that clipped wings, stuart. it's actually the third incident of this kind to take place just in this area over the past month , and on top of that there was a close call at austin, texas that was also reported over the weekend. now, here at newark on friday, there were two united airlines aircraft. one was a 757 that was departing for orlando, passengers were on board. a much-larger plane a 787 that was being towed to a nearby gate

clipped its left wing. now, no injuries. faa investigating. the tip of the wing, it actually snapped off in this incident after there were two similar type incidents that took place last month, both were at kennedy airport in new york. two jetblue planes clipped wings and then there was a near miss on the runway an american jet crossed in front of a delta plane and austin, texas was also a near miss this weekend. there was a fedex cargo plane involved and it nearly collided with a southwest passenger jet in that particular case. now, we just heard from the faa on this. they gave us a short statement this morning saying that runway safety is the top priority of there's and the investigation into all of these incidents are ongoing, and that they continued to. now, in terms of how often things like this happen, if you look at the faa data, they show that runway incursions are actually up last year up to

above 1,700 and that was up from the year before, so it happened relatively often and the last few months these types of incidents have actually declined a little bit. now you say in incursions, it could be something really really minor like a person, a vehicle, a plane just wrong place wrong time on the runway, but nothing happens, where actual accidents, they are very rare and what i think makes some of these incidents that we're talking about, stuart, notable is if you look at the data most of the inc ursions take place at small airports, jfk and newark are anything but small. stuart? stuart: you got that right. connell mcshane at newark liberty. still ahead, guy benson, florida congressman mike waltz, house majority whip tom emma, and douglas murray. the 10:00 hour of "varney" & company is next. ♪ ♪

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