i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire sfx: [soft beach sounds] c'mon ref, that's a foul! jay? jay's back? gimme a time out. huddle up! i call the time outs. didn't expect to see me so soon, huh? well, i invest in a fund that fuels innovation, like next gen video conferencing, and when i saw your defense in the first half, i had to step in! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. coach, what are you doing?! this thing goes fast. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com >> having the president lecture anybody in america about the border is like having an arsonist lecture you on fire prevention. let's get down to fixing the problems that all americans have including the fact that they can afford groceries or

gasoline. >> this is no longer business as usual for the fed right now. president biden presumably would like to get re-elected. biden is probably going to err on the side. >> no matter what they do i think it's the wrong thing to do their track record shows they are completely incompetent in making the right decision. raising rates could accelerate the banking price us. they have to make a decision and the decision will probably be stupid. ♪ why does it feel so good but hurt so bad ♪ stuart: what's he called? oh, troublemaker. lauren: flo rida. stuart: oh, again, i always call it -- lauren: gets us every single time. stuart: it is 11:00 eastern, sports fans and it is monday, march 20. look at the markets. it's monday, we've got a banking crisis going on but stocks are higher, especially the dow industrials you're up 300 points

there. the nasdaq is up 21. what a turnaround for the way we open this morning. one of the reasons why is this. the 10-year treasury yield is going back up again. okay? you're now at 3.45%. earlier this morning it had been down around 3.33, how about that , it was a flight to safety that appears to be over so yield s go backup again. show me the big banks again, are the jitters still with the big banks? well they are calming down a bit we have goldman up 2% and the rest up nearly 2% or 1.7% so financials doing well. all right now this. can we be honest here? no matter what you think of donald trump, if he were indicted and arrested as he thinks he will be, it be a disaster for our judicial system and our politics because this is clearly political payback, which has no place in court. when you use the court toss go after a former president, who is actively engaged in another presidential campaign, you're

destroying the political neutrality of the justice system that means, no justice. just political revenge. consider the timing. the offense took place certain years ago. its been known about for five years, but the indictment comes now. why? could it be because the democrat d. a., alvin bragg wants his personal ebb eany, republican donald trump? and why is it alvin bragg picking up the prosecution? is it because he was helped into office by george sorros, the biggest donor, and a hater of all things trump? and why is this case being brought in state court if it's about election law, it should be in federal court. when democrat john edwards was hauled into court for paying hush money he was tried in federal court and was acquitted of campaign finance violations. make no mistake. if the democrats indict they are taking a calculated risk that they will win in court and they will stop trump ever holding elective office again. they are also risking the standing of our judicial

system. they don't seem to care about that anymore than alvin bragg cares about the violence his policies have brought to new york city. i'm just getting warmed up. the third hour of "varney" starts right now. look whose here. former manhattan d. a. prosecutor elliott falig is with us. great to have you with us because you know what you're talking about, sir. we do appreciate that. >> thank you. stuart: in your professional opinion is this a case of political revenge? >> prosecution is not supposed to be a political game. how else do you explain this prosecution other than politics, as you stated at the top. seven-year-old facts, they've all been known for five years. he's been out of office for two years so if there was a presidential shield on prosecution its long gone and it happens this indictment comes in the wake of this criticism, this book that bragg's former

deputy recently published attacking bragg not going after trump. stuart: is this indictment based on solid legal grounds? i don't even know what it's doing in state court. federal election laws are federal typically handled on a civil level by the federal election commission on a criminal level by the department of justice. the department of justice has known about this case and they had an opportunity to go forward if they thought it were a viable case. the only logical inference from the fact the feds have not gone forward is they have looked at it and said there's no case here stuart: can you just carry this forward for us, i'm being speculative here but supposedly he's arrested, indicted and it goes to trial. is it a jury trial? >> it be a jury trial. stuart: so the jury would come from new york city? how on earth would you get a neutral jury in new york city? >> it's going to be tremendous challenge for president trump's lawyers and i say to people, you know, whatever you think about donald trump, do the shoe on the other foot test. okay?

imagine joe biden were hauled into court by a local prosecutor , west virginia, wyoming, some state biden loss by 40 points and look, these are trumped up charges but we'll get a jury pool that hates joe biden so much maybe we've got a shot. stuart: i don't know if you have been following the hunter biden story. the smoking gun emerged over the weekend with bank receipts, wire transfer receipts money went to the biden family. is that indictable? >> he also basically acknowledged his possession of the laptop which we were told was russian disinformation because of a civil suit suing the laptop repair shop for revealing his laptop so that's a conception we never had either regarding evidence in that case. stuart: i don't care whether you're democrat or republican you believe the judicial system is being skewed politically? >> i don't know how else to explain a charge of this nature being bought in a state court house. stuart: where do you think it's going? >> look. he has so many potential avenues of defense if it ever president trump does if it ever makes to

trial. he's got the john edwards defense saying this is hush money wealthy people that businesses pay all the time so it wasn't politically motivated, right? he can bring out the fact if the judge allows it that there have been nda's entered by him and his company long before he ever ran for president and he can just say to the jurors hypothetically say you're a billionaire. maybe ask our guest here, but say you're a billionaire, and someone is at the moment not running for president and someone says i'm bricking these allegations against you that will embarrass you, and your family and spouse but for what you be a few pennies you can make it go away. that's a pretty powerful argument for anyone, you don't have ton a presidential candidate and if not motivated by the election they don't have a case. stuart: sir, thank you very much for being with us you're very good if you aren't careful you will be back. now this. senator elizabeth warren says it's time for the federal reserve to stop raising interest rates. roll tape. >> i do not think he should

raise rates but full disclosure i've been in the camp for a long time that these extraordinary rate increases he has taken on, these extreme rate increases are something he should not be doing they are trying to, in effect, slowdown the economy so that this is by the fed's own estimate, 2 million people will lose their job. that is not what the chair of the federal reserve should be doing. stuart: okay, so, senator warren says no rate hikes. steve forbes is with us. is this one of those occasions when you be in agreement with a socialist senator, elizabeth warren? >> oh, it's only monday morning stuart: yeah! here we go. >> the answer is yes. the fed only knows how to fight inflation by trashing the economy. it goes back to the theory that if you want low unemployment you have to have higher inflation and lower inflation you have to have higher unemployment. experience shows that's nonsense we showed it in the 90s when we

had low unemployment and low inflation, so on that she's right. she's wrong on everything else in a sense that her policies help created this mess and hurting the economies recovery. back in the 80s we had lower taxes, we had deregulation. the economy boomed and relatively stable dollar. we got a boom. low inflation. stuart: but if we back off, no rate hikes. no more rate hikes. if we do that don't we let loose inflation? >> no the way to conquer inflation the whole definition of monetary inflation is lowering the value of a currency by creating too much of it and so the federal reserve should say, as they did in the 90s, they are looking at commodities they want a stable value for the dollar. that's how you fight inflation. stuart: but what do they do? they pull money out of the economy? >> what they do is they pick a benchmark, greenspan did it in the 80s what you call a sloppy gold standard, looked at the price of gold and commodities and if things started going one direction or the other direction, he would either

tighten or loosen. keep the dollar stable in in value. it's like when you buy a pound of cheese. the pound doesn't fluctuate each day. but no central bank talks about that today. astonishing. 4,000 years and they haven't learned anything. stuart: all the central banks are ganging up. , that's right. stuart: let's suppose that things really go downhill in this current banking crisis and we're in a situation somewhat similar to 2008. we're faced with a choice. bail them out, or let them crash. what would steve forbes do? >> what you try to do is make sure don't get that. stuart: but getting there, right down to the line, there's a crisis panic, do we baylor let them crash. >> no, you don't let a banking system crash. stuart: exactly. >> britain showed it back in 1860 when they invented lender of last resort so the innocent banks don't get crushed by the bad things the bad banks did. stuart: so it be the federal reserve is the lender of last

resort? >> yes, the only one. stuart: the u.s. treasury? >> the treasury can't do it. they can make along with the fed make guarantees but the fed has the discount window. stuart: if it comes to it that's what the we have to do? >> temporarily. what we didn't do after 2008 was we kept doing bad stuff after the crisis. deal with the crisis then step back which the fed did not do. stuart: i probably made a few enemies when i came out and said if you gotta bail, you bail. i don't think that was -- >> cardiac arrest is not a good thing for the financial system. stuart: no it's not. steve thanks very much. >> thank you. stuart: back in with lauren. let's start with the movers. gold was at 2,000 bucks earlier. lauren: can't hold it. it did hit 2,000, but it has backed off but if you look at prices rallying for gold when sv b collapsed march 10, in 10 days, it's up $100, but you know, it it is the ultimate safe haven but not holding 2,000. stuart: my dear mother used to say that gold nearly $2,000 an

ounce is as close to 2,000 as dammit is to swearing. just thought i'd throw that in just to amuse our viewers and steve forbes. moderna -- lauren: [laughter] stuart: i go off on, you go off on tangents. moderna, 3.25%, give me the answer on that one. lauren: they make vaccine for the flu and other things and now they say they could make hundreds of millions of bird flu shots for humans and they can do so using mrna technology within months. stuart: there is a lot of talk that bird flu could spread to humans. lauren: yes. and they are ready for it and up goes the stock. stuart: okay, baidu where are they today? lauren: up in a big way, up 5%. so they were criticized last week for the big demo of their version of chatgpt called "ernie " that they did this big demo and people were saying well we want to see the real thing and they finally showed real thing, more than 30,000

business businesses sign up, bank of america and citigroup say pleasantly surprised. stuart: and up it goes 5%, thank you, lauren. now this. an event hosted by libs of tiktok canceled over threats about unsafe behavior. it was supposed to be a story time for kids. the publisher didn't want to take any chances we'll tell you all about it. one news network telling staffer s delete tiktok on their phones immediately we'll tell you where that's happening. china's xi-jinping beginning his three-day visit to russia. putin and xi say they are dear friends and china claims this is a "trip for peace." is it really? edward lawrence has the story from the white house, next. you'll always remember buying your first car. but the things that last a lifetime like happiness, love and confidence...

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stuart: on the markets this morning we've got a lot of green now. it was very different a couple of hours ago. we've got the dow up 300 and the nasdaq up 24, s&p up 27 but let me do this one for you. amazon will lay off 9,000 more employees. the ceo sent a memo to the staff today. their stock is now down 1.6%. often when big tech lays off, the stock goes up. the reverse, today, amazon is down to 97 with 9,000 more layoffs. china's xi-jinping meeting now with vladimir putin in moscow. china says they are looking to be the peacemaker. edward lawrence at the white house. any response from the administration to the china- russia meeting? reporter: well there will be a response and nbc spokesperson john kirby will be in the white

house briefing in a couple of hours but right now they moved to the closed door portion of that meeting which is happening now between president xi and the russian president vladimir putin. the public part of their conversation featured congratulations for each side. putin congratulated the chinese president on his election win. he said that china has broken through in its development as a nation. the russian president said he's open to negotiating a process in ukraine. the chinese president calls putin his dear friend. the chinese foreign ministry spokesperson today said that the summit will jointly promote strategic coordination and practical cooperation between the two countries and provide for the growth of bilateral relations. the chinese call the relationship with russia a no-limits friendship. senator john kennedy says that it's the chinese who are using russia to keep the u.s. distracted in ukraine. >> they are collaborators. each would unplug the life

support of the other to recharge a cell phone if he thought it was in his best interest. here is what i think putin is saying to xi. he's saying xi, i'm getting my rear end kicked here. send me some weapons. reporter: yeah, the chinese president says he's going to meet zelenskyy at some point after this meeting with the russian president. no timetable has been set with that. china has come out with their peace plan which most of the world has rejected. back to you. stuart: i like senator kennedy's sense of humor. edward thanks very much. congressman greg stuebe, republican from the state of florida joins me. looks like the start of a new colder war right in the middle of it. china, russia, north korea, iran versus america and europe. in your opinion what should we be doing right now? >> well, and i agree with what senator kennedy said and then you've got north korea launching missiles. what we should be doing is focus on our own defense and our own military and unfortunately, this administration, this

president, are more concerned about climate and their climate agenda and our military than beefing up our military forces. we actually have a navy secretary whose trying to get rid of our vessels instead of increasing the amount of vessels and submarines and different things we have. that is not the direction that we should be going. stuart: the defense budget is a plus, i think it's 3.4%. that doesn't keep pace with inflation. is there any possibility we can increase our defense budget now or at least very quickly to meet this threat? >> yes, we can, unfortunately, republicans in the senate and the democratic house before we got elected and took the majority in january passed that omnibus and pushed our budget all the way into october, so we will be able to do that when we start the appropriations process here in the next month or so, but you're looking at an october timeframe, to start a new budget, so we've got a little bit of time for that. i mean we could do a supplement all for that but i think you'll see through the appropriations process us increased defense

spending, specifically as it relates to our different infrastructure needs on our defense side. weapons, boats, that sort of thing. stuart: good. congressman, former president trump's calling on his supporters to protest ahead of his possible indictment. speaker mccarthy says do not protest. where do you stand on this? >> well, i think the american people should protest when we have a republican nominee in 2024 and protest with their vote and their feet and go out there and support the republican nominee. it is the american ability to be able to peacefully protest and if individuals and americans want to do that peacefully, then they have the ability to do that so i would never tell anybody they can't protest peacefully because they have the ability to do that but i think what the american people should do if all this ends up happening the way it's going to happen is use their vote and their feet to go to the ballot box in 2024 and elect a president that's going to change all of this corruption stuart: congressman stuebe, thank you very much. i'm glad you took time out for a

busy day. you're okay to fly now, you've recovered fully from your accident? >> i'll be back in d.c. this week, and i'm looking forward to getting back in the fight. stuart: good to see you back again, congressman stuebe, thank you for being with us this morning. tiktok's chief executive officer released new numbers on how many active users they have. ashley? i'm trying to figure this out. does it run not billions? ashley: no, how about 150 million regular users. that's what tiktok ceo's expect ed to tell the house committee on energy and commerce when he testifies this thursday. that, by the way, will represent a 50% jump in the number of monthly active users since tiktok last released its data. lawmakers from both parties argue tiktok's owner, china- based bytedance, poses a threat to national security. we've heard a lot about that, but, it's not just tiktok. one of the hottest apps in the u.s. right now is tiktok's sibling cap cut, also owned by

the way by bytedance. it's a video editing tool that helps people quickly create online videos and memes, being downloaded more in recent weeks than tiktok, but has so far flown under-the-radar of regulators until now, maybe. stuart: you know about this story, so james ratcliffe trying to buy manchester united is apparently looking to expand his business interest in the united states. ashley, he's in the oil & gas business, isn't he? ashley: yes, yes, and there's more. the 70-year-old tycoon, he owns a collection of assets from a global chemicals company to a luxury british fashion brand, is now reportedly planning to launch a sport utility vehicle in the united states called the grena-dere. it's the name of a century-owned where all of these plans were hatched but last month made a push into the texas oil patch launching a $1.4 billion play on fracking and the billionaire

began life on a estate near manchester and is battling yeah tarin a bidding war to buy manchester united and the final price could top the 5.3 billion paid for chelsea just last year. that was the highest amount ever for a sports team and you could beat that. stu. stuart: i think it's wonderful to hear about working class englishmen, who works his way up and becomes a billionaire. that's an american story happening over there. ashley: yes. stuart: thank you, sir. next case. florida's stop woke act blocked by a federal judge. governor desantis vows to fight it. we've got that story. we're going to cover the ongoing banking crisis. is this the calm before the storm? anthony chan has the story next. ♪ ♪

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this was supposed to quell contagion fears. so now let's look at it from america. how about the regional banks? how are they doing? >> yeah, i think they are still a little bit nervous here trying to see how this will ripple across the pond. regional banks we see a group are actually asking regulators temporarily set aside the deposit insurance limit of $250,000. stuart this is coming from bloomberg which reports that the mid-size bank coalition of america explained in a letter to regulators that "doing so will immediately halt the exodus of deposits from smaller banks, stabilize the banking sector and greatly reduce chances of more bank failures." experts say it will also address concerns here that only rich depositors of silicon valley bank are favored. watch. >> once you've relaxed the 250,000 limit for this bank you will relax it for future banks otherwise you're accused of favoring the rich, the tech

industry. why they did that, they had better information than i did but once they have done it, that's the reality. >> now, this conversation is coming amid a new study from economist showing that 186 banks could be vulnerable to the same issues that brought silicon valley bank to its knees. these banks have enough uninsured depositors and could lack enough assets to make all depositors whole if they faced a wave of withdrawals. now, this is underscoring concerns from customers of smaller banks. smaller banks could become cautious here, stuart, keep more cash as a defensive measure that will cut down on the ability to extend credit, that would hurt small businesses. let's take a lack at small and medium size banks represent 38% of all bank lending but about two-thirds of commercial real estate loans, about half of all consumer loans so stuart as you know, we're still in this debate about whether we're going to see a recession this year but if we see these small and mid-size

banks pulling back on lending stuart, it could really maybe feel like a recession down on main street. stuart: that be a negative for sure. all right, lidia, good stuff thanks very much indeed. look at this headline from the "wall street journal's" editorial board, they are thundering. here we go. and now, a credit suisse bailout the weekend shot gun marriage with ubs shows how post-2008 regulation failed again. the former chief economist at jpmorgan is with me now. his name is anthony chan, frequent guest on this program. they seem to think we're on the brink of another 2008 crisis. what say you? >> i don't think we're on the brink but we certainly have issues and that's the reason why regulators step in and certainly back stop a lot of these banks so it is serious but it's not 2008. stuart: you're reading the financial markets at this very moment. seems to me this is a degree of calming down. i hate to say stability but it looks like that might be returning as we speak. i know it can go anywhere any time. would you agree with that, calm

ing just a little? >> stuart i think you're spot- on. they clearly are stabilizing. you see that in the equity prices of many of the financial institutions, but you also have to look behind the scenes and you have to realize that as was mentioned before, yes, these regional banks are important but big vulnerability is they aren't as diversified under a deposit base or even on their loan and securities base as the larger banks are, so as long as you have these vulnerabilities, they have to continue to be monitored and these are things that the financial markets are going to focus on when they see that one institution has had a problem, they automatically assume that the other institutions could be vulnerable stuart: okay, let's suppose that the worst comes to the worst and that we're looking at a situation like 2008. the banks are really, they are way the hell down there. politicians are going to face a choice. do we bail them out or do we just let them crash? i think politicians will always say bail them out. what say you? >> i think they will, because nobody wants to see the collapse

of the banking system under their watch. it doesn't matter whether you're a democrat or republican it just doesn't make for good politics. stuart: what should the federal reserve do? >> i think the federal reserve needs to be keeping both of their eyes wide open and they have to monitor financial stability and price stability and by the way -- stuart: they are a rock in a hard place. >> they are, but they really have to make sure they don't shock the financial markets. right now, if the odds are overwhelmingly that they are going to pause, and that's what the financial markets expect then the federal reserve has to do that. right now they have a little leeway because the financial futures market are basically saying it's almost a 50/50 chance so they almost get a pass but if those odds change in either direction, and the federal reserve completely ignores those odds, then i think you'll have problems. stuart: everybody asks me, and this is all the time, is my money safe and they are really talking about checking or savings account all a local bank. can you answer that question?

>> i think the money is safe but to assume the fdic has enough money to back stop 100% of the deposits is silly. it's like assuming that an insurance company can actually insure all of the cars in the united states if all of them had an accident at the same time. the answer is no, but by and large, i think deposits are safe stuart: there will be enough money there if needed from the federal reserve or wherever to back stop the banks if needed >> we will make sure, at least that's what the reg you late ore they do that. we know that the fdic has less than $150 billion in their deposit insurance fund but we know that they have a huge credit line with the treasury that increased that and of course the federal reserve will step in so as long as all of these regulators are willing to step in and do whatever they can , that should offer some stability to depositors. stuart: are you retired now? >> semi-retired: stuart: enjoying it? >> enjoying but doing public speaking all over the united states. stuart: what do you do when you

aren't making speeches? >> i'm visiting you, stuart. i live just a block away from the empire state building. stuart: so you aren't on the beach? >> not on the beach. stuart: i'm so disappointed. i'm thinking of retirement myself. anthony chan, everyone, thank you very much. >> thank you. stuart: now this. the bbc is advising staff to delete tiktok from their work phones they say it's because of privacy and security fears. the bbc, the british broadcasting corporation. they will continue to use tiktok for editorial and marketing purposes. for now tiktok has already been banned on government phones in the uk. and then we have this. a news crew robbed while cover ing a story on crime in san francisco. the reporter says it only took about four seconds for the crooks to break into a car and take everything. we've got the story. miami beach under a state of emergency. the city had to issue a midnight curfew after two people were shot during spring break. phil keating will tell us what's going on in miami beach this morning. we'll be back.

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stuart: on the markets this morning a solid rally for the dow industrials up better than 1%, a smaller rally for the nasdaq and s&p, but rallies nonetheless, maybe a little calming down of the bank problem. now this. the city of miami beach imposed a curfew overnight after two shootings during the spring break weekend. phil keating is in miami. phil, are they considering extending the curfew to next weekend as well? reporter: they are. it is very likely when the city commission meets later this afternoon that they will have another curfew from thursday night to next sunday. these deadly shootings are really marring what had been a relatively mild and tank will

spring break season of the month of march down here, but ocean drive, is a lot more crowded, especially after dark, packed with people, and ocean drive, it's an icon, now two crime scenes after two deadly shootings in two nights. 3:30 a.m. sunday morning surveillance video captures two groups of people walking on the sidewalk towards each other when suddenly one man pulls out a gun, shoots another guy, who drops to the ground and is then shot several more times before the shooter runs off. the city says one suspect is arrested. the shooting does not appear to be random but a targeted attack last night people were jumping on cars. police cleared out ocean drive in the south beach entertainment district at curfew. no one was allowed outside from midnight to 6:00 a.m. a pedestrian tour sunday looking at the art deco hotels had to stop on the sidewalk and wait so firefighters could hose the blood out of the way.

for the third straight year, the city is imposing a curfew for south beach. we watched saturday as police on bikes stopped a group of people openly smoking pot and drinking hard liquor at 4:00 in the afternoon. both illegal. last year a couple of shootings led to a midnight curfew and before similar violence and chaos led to an 8:00 p.m. curfew since this all started at the beginning of march week after week is a new wave of spring breakers. it's not just college spring breakers that are descending down here. a lot of locals driving in from miami-dade and broward county so it's definitely a mix not all 18 -22-year-olds by any stretch. the mayor says since the spring break season began, police have confiscated more than 70 guns. stuart? stuart: taking the blood off the street and 70 guns confiscated. what a situation. phil, for the next story i want

to bring ashley into this. my question to you, ashley, is has a federal court just put a stop to florida's stop woke law? ashley: yes, and what it means is that the bill remains pretty much in limbo while portions of the legislation that's just going to have to play out in court. a florida district judge recall ed some of the provisions which restricts discussions of race, gender and in indiana equality from being enforced from public colleges and universities and the judge blocked its implementation. well the desantis administration appealed the ruling but a u.s. circuit court of appeals just last week denied that appeal, but the administration says it will continue to fight on but the legislation is also facing multiple other legal challenges including a lawsuit by the aclu that argues the law violates the first and 14th amendments as well as the equal protection clause, so the fight in court over this goes on, stu. stuart: a children's book event

hosted by libs of tiktok, the founder, it was canceled over the weekend. take me through the story, will you? ashley: yeah, well organizers say it was canceled because of some threats of inappropriate and unsafe behavior. that's the official line. the event was billed as a rival event to a drag queen story hour hosted by new york attorney general laticia james scheduled on the same day. we should point out the conservative offers and their publishers have been heckled, threatened or assaulted in recent months. christian actor kirk cameron had a book event crashed by protesters at a public library in arkansas just last week and co-authors bethany mandell and karol markowicz, were con front ed by violet protesters where glasses were thrown and attendees including children were screamed at. so if you're a conservative author, you're not allowed to

apparently have your stay or hold an event. stuart: why am i not surprised, ashley. thank you very much and welcome back by the way. ashley: thank you. stuart: it's that time. here are the dow 30. you get a sense of the market and my oh, my what a turnaround this is. we opened for trading 9:30 eastern time this morning that board was practically all red. now there are 28 of the 30 dow stocks that are up and only two, intel and i regret to say, microsoft that are down. dow is up 1%. more than 40,000 homeless people live in los angeles. i wonder what the that's doing to property values in the city. i'll ask million dollar listing star josh altman on the show right after this. ♪

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i suffer with psoriatic arthritis and psoriasis. i was on a journey for a really long time to find some relief. cosentyx works for me. cosentyx helps real people get real relief from the symptoms of psoriatic arthritis or psoriasis. serious allergic reactions and an increased risk of infections or lowered ability to fight them may occur. tell your doctor if you have an infection or symptoms, had a vaccine or plan to or if ibd symptoms develop or worsen. i move so much better because of cosentyx. ask your rheumatologist about cosentyx. stuart: i like that graphic. california is screaming, okay, over the past three years, california spent $10 billion, taxpayer money, to fight homelessness.

william la jeunesse joins us. california's homeless problem actually got worse during the time span so the question is , where is the money going? reporter: that's what taxpayers want to know, right? we're calling it homeless, inc. hundreds of government agencies, corporations, non-profits all fighting for the same piece of the pie, a very bloated model that delivers duplicate services with plenty of overhead and bureaucracy so many homeless are on disability. that typically pays 800 to 1,800 a month. most qualify for food stamps. emergency food assistance, and three meals a day at shelters. now the cities are building apartments in l.a. and san francisco. the average cost is about 750 per unit. they are also providing housing vouchers, subsidies and shelter beds. case managers and this is a lot of people, are helping the homeless receive medical care, mental health, drug and alcohol treatment needed. some also receive free bus passes, and a safe place to park if they are living out of a car.

>> i think we're wasting a lot of money, and we're throwing good money after bad. you know the governors now proposing another billion dollars on programs that we don't even know work. reporter: so voters are losing patience. why? well even as the state population decreases, the number of homeless increases. california home to 10% of the u.s. population but 33% of the homeless. taxpayers, stuart, actually spent 17 billion in the last three years to move people off the streets and turn their lives around. that's 100 grand for every homeless person. >> it feels like we're at a different point. we're at a crossroads where public sympathy is wearing thin. public outrage is growing and if we're not able to show meaningful reductions and fast, we're in danger of losing all public support for what we're trying to do. reporter: that guy, stuart, is the federal homeless czar.

now the case in point last week san diego said it will begin removing tent encampments from the streets from the sidewalks and parks. homeless have to go to shelters unlike l.a. where we still see tents everywhere. stuart: you have the aclu in los angeles, haven't you. thank you, william. i want to bring in josh altman, the star of the million dollar listing show. josh, you're in los angeles. if the homeless are camped right outside your door your property values go straight down, right and there's nothing you can do about it is that accurate? >> that's right. there's nothing you can do about it. its almost become just a common thing at this point. people are pretty much used to it right now, and there's no question about it from a real estate standpoint, yet, it makes it very difficult as far as keeping the values up when you have this going on. stuart: am i right in saying it's the aclu which will not allow the homeless to be taken off the street? they have a right to camp in front of your door. >> yes, so here is what i want

to say before i do any of this , is number one, i'm all about affordable housing for homeless, cleaning up the streets and all that, okay? i'm a real estate agent. ideal with the high end market in real estate. the issue that i have right now is in about 10 days or so, there's a measure called the ul a measure that goes into effect which is probably the hard its hit to the real estate market that we've seen since 2007 and the way that this ula measure was passed is just mind boggling to me and i think it's one of the most ridiculous bills i've ever seen in my entire 20 year career. stuart: can i just interrupt for a second into what you're talking about is the mansion tax isn't it? >> yeah, mansion tax, rich perp 's tax, wealth tax, whatever you want to call it when you sell a house over $5 million you have to pay a 4% tax that goes towards affordable housing for the homeless. if it's over $10 million, you got to pay 5.5% in the city of

los angeles, no matter if you make a profit, lose a profit, if it's an investment property, if it's a commercial property, so think about these people that bought houses three years ago for $5 million, and they want to sell now. the markets down, rates are up. that happens, but now they got to cut a check for $200,000 out of their own pocket, because there's no profit on that, so it's really going to rock this real estate market that we're in here in los angeles. stuart: and this goes into effect on april 1, that's the way it is? >> yes, so its become basically a race to the bottom for the next 10 days so i'm see ing deals get done that should never have got done. i've even done as much as on a $28 million listing that i have, we have offered $1 million bonus for anybody who buys and closes before april 1. the things we're seeing out there right now in order to get deals done before this happens, and i'll tell you the main issue. the main issue is it's going to trickle all the way down so

people who voted who said oh, i don't have a $5 million house, which by the way, is not a mansion in l.a. we're talking about a four bedroom 4,000 square foot house in l.a. is 5 million bucks so this isn't a mansion tax. this isn't a 30, 40, $50 million house tax. these are regular people that work, that have to pay their mortgage just like everybody else and now they are being penalized here. it's going to effect the people with the $2 million house and $1 million house. stuart: josh all i'd say is you'd do very well with high end real estate in florida right now josh altman, i'm out of time, sorry, out of time. monday trivia question, real fast. which country drinks the most beer, ireland, poland, germany or the czech republic? i guarantee i know this one, back after this. er buying your first car. but the things that last a lifetime like happiness, love and confidence...

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let's tighten that. (fabric ripping) ooh. - wait, wh- wh- what was that? - huh? what, that? no, don't worry about that. here we go. - asking the right question can greatly impact your future. - are, are you qualified to do this? - what? - especially when it comes to your finances. - yeehaw! - do you have a question? - are you a certified financial planner™? - yes. i'm a cfp® professional. - cfp® professionals are committed to acting in your best interest. that's why it's gotta be a cfp®. find your cfp® professional at letsmakeaplan.org. ♪. stuart: we only have a few seconds. we'll do this quickly. which country drinks the most beer per capita, ashley? >> go with germany, number three. stuart: wrong. i guarranty it is czech republic. yeah. czech republic. average one pint every day. beer there is cheaper than water. time is up for me. kos to "coast to coast" starts