>> no billionaire should be paying a lower tax rate than a fire fighter. nobody. by the way, still hundreds of billion -- millions of dollars. not like it's great sacrifice. >> it's investment income versus earned income. he's playing the people because they know -- he knows and they don't know the difference is so din ingenuous and makes me sick to my soming. >> the fed will have to get more aggressive and come back stronger. >> spending leads to inflation and inflation to higher rates to the fed and they've got the whole story wrong. it's going to be the most fun i've ever seen. stuart: imagine, bob, is that bring your own bob?

lauren: bob. stuart: 11:00 eastern time, seventh ovmarch and it's tuesday, all day. look at markets and powell is testifying and says the service sector is the source of inflation and the fed is prepared to increase the pace of rate hikes and the level is higher than previously anticipated and down goes the market and dow is off 300 points and only 0.9% and way down. look at ten year treasury and gone straight up and 3.98% and perilously close to 4% and big temporal integration stocks don't like that and look at two year, very, very close to 5%. you got 496 as we speak. now listen to senator till scott's remarks at the powell hearing. roll tape.

>> seeing the most radical approach to a problem in the rear-view mirror being used as a trojan horse to bring in a level of socialism and spending that our nation has not seen in my lifetime. progressives used the pandemic as a way to usher in a form of spending that takes the money out of the pockets of every day americans and puts it in the coffers of the government. there's a better way and that's to trust the american people. stuart: that was powerful stuff from senator scott on capitol hill this morning. mike murphy joining me this morning. do you think that it's a trojan hoarse horse and briden is a trojan horse for socialism? >> look at the facts, stuart,

you have to say yes and more to the point that covid gave a blank check for the government to take over as much of our lives and they're doing it. the the bears are winning in one and till such time investors say i don't believe you, mr. powell. >> yes, but i think what powell is saying today is that this is going to continue longer and it could be worse so higher interest rates than originally planning for. that's a negative for the overall market. the thing is, stuart, he's trying to slow down the economy and the economy remains to be strong. i think the market before his system this morning up 6% for

the year and if he continues or goes with a heavier hand, he can break the momentum and be back in a downward trajectory in the markets and i hope that's not the case. if he wants to get too aggressive, that's what will happen. stuart: got it, mike murphy, stay there and got more for you later. now this, today trans-has been brought to a standstill and massive strikes and disrupted government services and yes, again france is engaged in the national sport of protest. the issue is this, president macron wants to raise the retirement age from 62-64 and for that the workers shut down the country. don't laugh. there's similar battles going on around the world including here. we're living longer so there are more retired people who have to be supported by fewer young pemberton.

number two, raise the retirement age like france is trying to do. raising to 64 shut france down. try raising from 66-70 here and it's considered discriminatory because people of color have a lower life expectancy and would collect fewer benefits. that's a hard sell politically. or number three, yeah, raise taxes. that's what i believe president biden will do. it'll be a tax the rich policy. probably hitting people making over $400,000 a year with a 6.2% social security tax. that is a hefty tax hike. but it would allow the president to say, he fixed the problem and nobody cot hurt. nay, what cares about the rich

and macron could have avoided all this if he taxed the rich. maybe macron understand the demographic better than mr. biden. mike murphy still with me. the math doesn't work, mike, it just doesn't work and we'll end up with a tax increase, aren't we? >> i think that's where we're going and that's clearly what this administration wants to get to and, you know, it's bigger government and more it creates a big problem for the country and gets us away what it was built on and the american dream that you have the ability to come and make a duck syces. >> more and more money out of private hands and medicare increasing and not corporate tax but a health it's not that it's

not very good but terrible and the government has a long track record of not being a good steward of capital and not using tax dollars to their best advantage and if they have their way, they'll not only increase taxes but bring new like the health tax and anyone successful in the country needs to watch out for the new tax laws. stuart: okay, stay there, please. need you for the rest of the hour. i'm going to go from markets to culture and humor. >> you said a movie like white chicks needs to be made again. explain. >> people too dam sensitive and this society replaced laughs and comedy with social media and worries like we're so anxious about everything cause all we do is look at world problems and give our opinions.

we're not joust enjoying each other and we need to learn to laugh at each other and life is about laughter and we need to be less sensitive. >> we need a comedian and we've got one. his name is jimny failla. are we too damn sensitive? >> i would like to congratulate marlin waynes for never getting booked on that show again. he's right saying there's a group of people that get out of bed every day and look for something to be upset by. they're losers and we know this. at the beginning of social media, stu, we didn't have a way of measuring the reach of outrage mob so we always thought there was more of the people than there were and for a time big comedians and were placating

them and the people before social immediate jaire and the guy that shows up and gets offended, nobody likes that guy. it's taco tuesday, you don't want to get yelled at for cultural appropriation but shut up and pass the guacamole. they've complicated everything and he's right. there's a bigger point and the comedians know. people were never as upset as they were claiming to be. we just incentivized outrage by rewarding it. we said you're upset. feel fire the guy and give you the promotion to work and don't want to get on the wrong side and that's what it became and people phenoing the outrage and defunding the joke police is a win for america. stuart: i'll take it. you've got a new documentary on fox nation and called called the death of hollywood. >> what happened to hollywood is it became a big dumpster fire. >> what happened to hollywood is

the ideology from one side has completely infiltrated the whole culture there. >> they're slaughtering everybody else. you didn't know that? >> i don't know if there's a black histoof conservatives in hollywood because my lack of rules has always been due to my lack of ability. stuart: i'd be happy if they did an honest movie about china. >> could you imagine. they couldn't because it couldn't show in china and lose most of the box office receipts. this is the joke of hollywood, okay. they don't realize, no snow valley one took them southeaster and we didn't tune in because we took them seriously. we don't know them as intelligent people but people that hit the genetic lottery and so spectacularly good looking and pay $30 a popcorn and read the words written by a fat guy like me. that's why you go to a movie. i want to go to a movie and see what matthew mcconaughey reads written by a fat jimmy

fayetfailla.he's basketballing - babblings like a stoned kearney driving through the mountains it's dying and no longer giving us an escape from issue and a partisan lecture about issues. it is streaming now on fox nation. >> taxpayers banger, must watch. >> lauren: jimmy to the movers to me. oh, boy. spirit airlines. stuart: it's a boring subject. lauren: it's news because the department of justice has sued to block jetblue's $3.8 billion takeover of the budget carrier spirit airlines. the doj says the deal eliminates spirit as low cost option meaning the price you pay to go somewhere will increase and in

the suit it says, we looked at what jetblue plans to do and will rendois remove 10-15 seatsy spirit plane. fewer seats and means spirit is not a budget carrier. stuart: if the deal goes up it's off. atlasian. lauren: correct. they're laying off to refocus on high growth areas like cloud. stuart: meta talking about firing another thousand people on more tech layoffs. lauren: yep. stuart: freeport mack meran. lauren: down big and tepid growth from china 5% and asking freeport mack me are, an to cut emissions by 2550 and asking china and members for u.s. and other business and that's expensive for that one. stuart: after jimmy fayetteville la, you were not boring -- failly, you were not boring. lauren: i tried. >> a banger.

stuart: calls for boycotts for walgreens cutting abortion bills and california is cutting ties with the company. new york city spending $5 million a day to house and feed migrants and the city -- migrants and the city didn't expect another dime from the feds for the rest of the fiscal year. today people in vermont's largest city voting on a plan to create a police oversight board backed by the cofounders, ben and jerries and would have the power to investigate and fire any officers including the chief. madison alworth reports next. ♪

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>> r stuart: that's backed by the founders of ben and jerries'. what does ice cream have to do. >> popularity and hold and platform -- stuart: social services. >> using popularity in the area to rally the vote, rally residents around the ballot and it's being voted on today and if it passes and becomes law of the plant creating a community control board that oversees the local police with investigatory and discipline authority and going to handle people protesting the death of george floyd. earlier this year the mayor said

that maintaining the city's police force will be hurt by this board saying "i was very concerned about the proposal in 2020 because i believe we were just starting to see a real exodus of police officers, and i believe the passage of this community control board would deeply exacerbate those issues. advocates like your favorites ben cohen and jerry greenfield of ben and jerries will restore faith in the police department and make burlington a safer place". >> if our community doesn't trust the police department, the police department can't effectively do their job and if we have this transparency and accountability through civilian oversight model, then i think, you know, we're going to see better outcomes through the police department. stu>> looking at numbers if you look at burlington today, pre-pandemic to 2022, simple assaults up nearly 15%.

aggravated assault up 26%. burglary up 74%, and overdoses up a devastating 432%. this all comes at a time when major democratic cities are having a moment of reconning following the loss of chicago mayor lori lightfoot and new york city mayor eric adams said it's a warning for the entire country, americans are worried about safety. again, this vote is today f. it passes it has to be approved by the legislature and governor. stuart: why not turn burlington into chicago? what's wrong with that? what are you thinking? thank you, madison. that was interesting. >> any time. stuart: the mayor of new york city telling people don't go shopping with your face mask on so businesses will know they're not criminal. roll tape. >> do not allow people to enter the store without taking off their face mask and then once they step inside, they can continue to wear the mask if so

desired to do so. when you see the mask wearing people, oftentimes it's not being fearful of the pandemic but fearful of the police catching them for their deeds. stuart: gabrielly is on the new york city police council and for a couple of years you had to have that mask on and now you've got to take it off. >> quite the day when any one at the same time can undermine two progressive talking points at once and that masks are safety vows to prevent us from getting covid, which we know is not the case and that crime is not a real problem and it's such a problem the mayor is being asked about in every aspect and every way of how do we get videos of people committing crimes and investigate? yeah, of course we shouldn't allow people in businesses are masks on if they're going to commit crimes and now we see more people are doing that just to get away with it. stuart: takes the mask off, won't stop crime, that's for sure. i want to talk immigration and new york spending, what, nearly

$5 million a day every day to feed the thousands of migrants and the mayor's office says they don't expect get anymore federal funding in year. gabrielly -- joe borelli, who pays that? >> we are. it's more money than we spend on department of sanitation and parks department combined and all the big beautiful white trucks rolling around new york city and costs less to operate the department of sanitation with 6,000 employees than it does to house the 30,000 people every day. stuart: we're not getting anymore money from the feds. >> no, and the amount is pittance and not worth expendituring and same thing from the state. the problem is there's no end in sight and no plan and no plan to get folks out of the system and no plan to assimilate them or

deport them or do anything with them other than allow them to sit here in midtown and brooklyn and everywhere else in between and let them live for free. stuart: it's getting worse and worse. you feel it living and working in new york, you feel it every day. joe, i'm sorry i'm out of time and could go on about this subject forever. i have to work in n new york ciy and thanks for being with us, joe. we appreciate it. >> thank you. stuart: check back with the markets and now we're down just over 300 points for the dow industrials and nasdaq down 93. that's quite a selloff. jerome powell is testifying, that's why this market is selling off. he says inflation is extremely high. did he use the word extremely? did he? i don't think so. he's saying inflation is high and it's hurting working people in this country and hurting them badly, okay. you're down 300 on the dow.

meta laying off thousands of more workers this week and cut 11,013% of work force in the days to come and in a down meta is up. going 18 addressing their new desk -- google addressing new desk sharing policy. what's the ceo saying? lauren: makes economical sense and emotional sense and they're sick of seeing empty space. it's kind of weird. when i first heard this story, why would google have their employees share a desk? obviously they have enough money. his whole idea is cutting back on realize and we save some money and he doesn't want to walk into a coast town. the people that were showing upcoming in two time as week and just can't justify it anymore and he's doubling down on debt sharing. lauren thank you, now this.

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stuart: put up the market, please. dow is down 343 points. jay powell did just say inflation extremely high. we heard from the department of justice and doj sued to block

the jetblue spirit airline merger at $3- $3.8 billion tieup with 10% market share. if that gets blocked and doj wins that lawsuit, there's more business for others and more business to go around and united up grated at b and p and upgrade at ever core and worth $47 in their view and i've been watching the jay powell senate testimony, that's been very interesting by the way. interesting back and forth with senator elizabeth warren, also senator kennedy as well. there's a tech rally taking place and that's counter intuitive than with jay powell and rates going up higher and faster and markets lessing a full half point hike this month, that's 50 more basis points and that usually hurts growth companies that are priced on the future earnings and dock ewe u s and more and if rates go up,

that makes future earnings look less and the stocks usually fall. why do you think they're up two and a third percent and largely unprofitable tech companies, largely speculative tech as i call it. it looks strange and count intuitive and docusign an $80 stock by jeffreys and counter intuitive trade and i bet steven moore can you tell you and when rates go up, banks usually rally because banks make more money when rates go up off their loans like mortgages and credit cards. but then you heard fed chair jay powell talked about inflation and had that bark and forth sharply with senator elizabeth warren and talked about banking regulation and more regulation on concerns over commercial real estate and defaults and not a lot of people going back into the office and would that hurt the loan books of the banks and

that's pretty much the drop that we're seeing. also mentioned a possible sharp increase in unemployment and a somehow down in the economy and banks trade like proxies to the u.s. economy and talking 4.5% unemployment as jay powell did. that hurts these type of lenders but it maybe can ask steven, why, why yields, the 10-year yield is still sub 5% despite the hawkish rhetoric. >> we're inverted. stuart: state of america if i can get to that, susan. if you can take over the interview, that's fine. susan: i'm curious. stuart: that's fine. wall street op ed and hotel wealth tax, why would you want to live there in the first place if you can't afford it. he wrote that and with me now. this mass exodus seems to me to be speeding up. where does that leave states like california and new york? which they're just losing people?

>> yeah, let me give you some headline numbers because they're incredible. so over the last ten years according to the census bureau day that that looks at where people are moving into and out of, california, new york, my tome state of illinois, connecticut, new jersey, and california have lost 5.5 million people on net. that's a gigantic loss. stuart: they're taking everything with them? >> yep, money and businesses and families with them and employees with them. we have a classic example of this is ken griffin. you reported on this one, ken griffin moved out of chicago and built his business, citadel there and had 1,000 employees and was so fed up with the crime and the taxes, you know where he moved? miami. now where do you think he did that? one reason, what's the income tax rate, stuart? stuart: zero. >> zero income tax state and

where are all the people going? five million people are going to florida, texas, south carolina, north carolina, the red states. this is the biggest story demographically in arizona and the center of gravity of political and economic power. stuart: there's seven states. i can't list them all. >> new york and california are the two big ones. stuart: seven states and all democrat run and all are introducing higher taxes in that state. >> yeah, they're doubling down on policies that aren't working. these states want to raise gains tax and wealth tax and it's unprecedented and the reason we put the title hotel california and get the reference and remember the line in hotel california, you can check in but never can check out. now the st states $250 billion t

of blue states into the red states in terms of money. big deal. stuart: what's the time frame? >> ten year. stuart: quarter trail exodus. >> this is accelerating. it's crime, it's taxes, it's terrible schools, it's all this woke stuff. they're sick of it. stuart: style of government. >> that's right. stuart: what kind of government culture do you want? top down democrat or bottom up individually from texas and florida. >> one statistic that blows people away. new york and california have roughly the same population -- i mean new york and florida. basically the same.

new york's budget, new york's state budget is twice as large as florida's so in other words they're spending twice as much as florida and i've been to florida and new york and i guarantee you public services ss are no better in new york than florida and probably worse. stuart: it's politics. you can't change the situation unless there's a change in politics in the red state -- in the blue states. that's why. >> i've heard you guys talking about this and keep an eye on that chicago mayoral election. you have teachers union person running, person is a reformer. chicago, this is the -- it's going to be the death of chicago if the wrong person wins this race. i want to make one other quick point if i may, sir. stuart: do it. >> this merger that's -- that susan was talking about between spirit and jetblue, if i understood her correctly, she's saying the courts are blocking that and it's outrangous.

you're talking about spirit and jetblue and if they merge, they have less than 20% of the market. how can anyone say this is a monopolist ick move. jetblue is an airline that's cut airline prices. it's outrageous. stuart: to this administration, big is bad. >> exactly. by the way, mergers and acquisitions are the way that small businesses become big businesses. stuart: got to leave it but it was good stuff today. great to see you in studio. >> good to see how the sausage is made here. stuart: steven, thank you very much. instagram influencer pleads guilty to stealing $100 million in covid relief funds. she stole people's identities and used their money to rent private jets and luxury apartments. it's a wild story, and we've got it. new research shows a wildly popular keto diet could double your risk of heart attack or stroke. doc siegle is on the case. the doctor is next. ♪

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stuart: regardless investors don't like what jay powell has to say and we're down 350 on the dow. walgreens announcing they're not going to sell abortion pills in some states. who's coming after them? lauren: hollywood. the film maker michael moore, he says everyone should boycott walgreens. everybody. he's mad because they're not selling abortion pills in 20 states. 20 states where abortion is illegal. stuart: what a guy. >> walgreens said we're in the

business of approving legally approved medications. the cartels are in the business of illegal medication. lauren: in california, where abortion is legal and you can go into a walgreens, there are about 560 in the state and governor newsom saying boycott walgreens anyway and stop doing business with the company because they put women's lives at risk. stuart: i'm going to move on from that before my head explodes. thank you, lauren. a new study shows a keto diet could increase your risk of heart attack and stroke. it's a high fat, low cash diet. dr. marc siegle joining me now. tell me about the risks of this diet. >> stuart, i hate to burst this particular bubble because 13 million americans are using this crazy diet, excuse me, idiot diet to the calls of $10 billion and where are the world leaders and a study out of

vancouver looking at the uk, look at that. british colony in british columbia looking at statistics from the united kingdom over 1500 people studied and they found out that if you were on the keto diet less than 25% of what you got is cashes and over -- carbs and over 50% is fats and end up with high cholesterol and clogged arteries and heart attacks and strokes and twice as spawn high blood pressure. none of which is a surprise to me. i'm a fan of the med mediterran diet and this is a dangerous diet. you lose weight but you're loading up with dangerous food stuff that also cause a lot of inflammation in the body. fat equals inflammation equals risk of heart disease and stroke. stuart: doctor, be your careful about calling british columbia a british colony. you're in trouble with that one. scientists are sounding the alarm that using drugs like

ozempic and wegovy could have deadly side effects. c i hear that wegovy can produce internal blockages and ozempic can give you eating disorders. is that accurate? >> no, that's study was done in mice by the way. that a study out of china done in mice. it showed that that's true in mice. in human beings, i think it's a wake up call that we should keep an eye on this because after two years of being on ozempic or wegovy you might see an enlarged intestine and it increases insulin and overcomes insulin re-sis tense and decreases hunger but makes you feel full. it keeps stuff in your small intestine and may expand it. i believe that that's a reasonable conclusion, but i think it's something we have to watch. the bigger issue is that people are overusing this drug. it's become a trend drug.

celebrity drug and people who don't need it are taking it and by the way, if i try to stop it, you may gain your weight back. that's the bigger issue. stuart: the best diet i've found is low carbs. i don't think there's any serious side effects from that, am i mistaken? >> low carbs is great but high vegetables and low carbs. vegetables, nuts, fruits, berries and a bit of wine here and there is fine. fish. stuart: whatever you say, doctor. thank you very much indeed. doc siegle, you're all right and see you soon. the makers of wegovy issued this statement: patient safety is of utmost importance and we are continuously collecting safety data and collaborating closely with authorities to ensure patient safety. that's from wegovy. next. lauren is with me. i want to get to this social media influencer that pleaded guilty to $1.5 million worth of covid grade. okay. lauren.

how did she get the money and what did she spend it on? lauren: she stole the identities of at least ten people to steal covid relief checks and used them to pay for luxurious new york city apartment, miami real estate, private jets and designer duds. she's danielle miller and 32 and copped to three counts of wire fraud and two counts of aggravate the id left in the $1.5 million covid fraud. otitis ironic that she went to pepperdine law school and her dad was the former president of new york bar association. she muay what she was doing. stuart: thanks, lauren. check out the dow 30 and same expression. getting a sense of the market and the sense of the market i'm get asking big sell. we only have three of the 30 dow stocks on the upside and rest are down and dow is off 316 points. ford's new f150 raptor sells for a base price of $110,000. it's so much in demand that

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stuart: we've got a toy maker that says sales are surging despite inflation. lauren, you know the question. which toy maker and which toys do they make? lauren: legos, but they've got something for everybody. if you've gone into the store. stuff for women and older people and young kids. sales up 17% last year despite inflation; right. profits up -- net profit up 4% and rave raised prices and store traffic returning to pre-pandemic levels and i go to garden state at the lego store there all the time. walk in and kids have something to do because they can play with the displays they have and then if you ask the staff, they're not going to try to up sell you. you're going to say how much do you want to spend and what kind of product? that's helpful. stuart: clever. lauren: very clever. it's working. stuart: i'll remember that next time i'm in a lego store. i'll remember that. lauren: what would you buy? stuart: no idea. something for the grand kids. we'll show you ford's most powerful pickup truck ever and f150 raptor r.

gary is test driving one in new york. the base price is $110,000 and gets 12 miles to the gallon and dealers can't keep up with demand. tell me more. >> exactly, heard of f150 lightning and they should call this the hundred dollarrer and designed for driving high speed like this and that price is not just the most expensive f150 and make a 450 verse of the raptor that costs 30 girandoles but customers love this. ford tells me they've been selling about 50/50. the two different models and that's if you can find one at list price at the dealer. one of these up for auction online the other day and high bid of $151,000 and i was czeching online today -- checking online today and a lot of dealers have these listed with $50, $60,000 markups and

they're saying we're going electric and we're going to keep making gas and people like trucks that can haul long distances and performance cars that make a lot of noise and are a lot of fun and this is the two things combined and obviously the people are into it. stuart: the difference between the f-150 lightning and the one you're driving now is the acceleration. the lightning goes zoom from 50-60 in three seconds or something. the raptor can't do that. reporter: in will do 112 miles an hour on the dirt and that's less restrictive and would go fast fertilizer they thought it was safe and not going to get this sound and fury from the lightning and this is good for the jumps and lightning not

built for this kind of non-december and people buy them to drive like this and a lot in new york taking the potholes commuting into the city. stuart: there's gary gasselow having far too much time. it's 11:55 and what's the tuesday trivia question? one year on jupiter is how many years on earth? 4, 8, 12, 16? the answer, the right one, after this. ♪ if your business kept on employees through the pandemic, getrefunds.com can see if it may qualify for a payroll tax refund of up to $26,000 per employee. all it takes is eight minutes to get started. then work with professionals to assist your business with its forms and submit the application. go to getrefunds.com to learn more.

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stuart: earlier we asked, one year on jupiter is how many years on earth? i tell you what i'm going to do. i think jupiter is very big. therefore, it would take a wrong time to go through a year. therefore, my answer is 16. >> i'm going to, i second you on that. i think the answer is 16. stuart: scroll it up, what is the answer? we were close. the answer is 12. >> why? stuart: only off by four. >> we usual lip get a reason why. stuart: yeah, we do. what is going on with you people? come on producers. you got to give us reasons why. i'm not going to do a market check. i will keep on pressing you. i want to know the reason why. that is "varney & company." "coast to coast" starts now. [laughter] ♪.