good morning and welcome to bonnie and company. the president leaves for japan today but he will cut short his

tour of asia. he's coming back early because the debt ceiling deadline is fast approaching. in this never-ending game of will be, what we default, some investors see progress in the early return. stocks are on it. the dow is up one over 150 points at the opening bell, s&p of 18, nasdaq 33-point game, that's a modest rally. big points, not doing great these days. $26600 a coin as we speak. interest rates, look at the six month treasury bill all the way up to five and a quarter%. to your treasury about 4%, for online and the tenure well. waves from the durham report crashing over american politics, some of the people accused of organizing bogus attack on terms campaign in his presidency on

television earning money saying the durham report is just a political ploy. they should read the report. i have. it shows intake tell destruction of the president and it was a presidential want to be, hillary clinton in the middle of it. on the show today, biden and obama knew about the dirty tricks in 2015. on the border biden says looking much better. we will do a reality check on that. elon musk has several headlines, most intriguing to me he says working from home can be morally wrong. target reported this morning stand out in the report is shrinkage. shoplifting. it's costing them $500 million. guess what -- bud light will go through a redesign. got to do something, sales down five weeks in a row. the dylan mulvaney thing was a

disaster. may 17, 2023. varney & co. is about to begin. ♪ ♪ stuart: let's go. a weak attempt to link the music to the president, let's go. sorry, producers. what you say? >> he says he's going to japan, sort of. stuart: biden does head to japan for the g7 summit. the trip has been cut short. has the trip been cut short because of the budget crisis? >> yes. biden will not go to australia and the summit on countering china's russia is canceled or postponed, pick your word.

he will be back in d.c. on sunday for the debt ceiling negotiations. we are 15 days away from potential defaults. talks are progressing but republicans have drunk the redline. they want able-bodied americans with no dependents to work 20 hours a week. >> when you're talking about this, remember what we are talking about. able-bodied people with no dependents of it is ludicrous dd you hear senator elizabeth, she said republicans are mean and just looking to load the system with red tape to hurt the most

vulnerable meaning people who receive government assistance were able-bodied with no children is means to make them work. stuart: oh, the horror. >> twenty hours a week. he can't make it up. stuart: karine jean-pierre did not want to answer any questions on the durham report. >> did he agree with special counsel on whole sale changes? >> as you stated, we believe an independent department of justice. thank you, i'll see you in japan. stuart: in 2018 kjv had a lot to say about the alleged collusion with russia. >> i think he feels there's something that's going to come out of russia. as money laundering, he knows what the trump organization has been doing. stuart: what a contrast. the crews here, ben domenech, thank goodness. can biden escape the durham

report? >> i think there are a lot of people running interference for what they did during this previous time but the fact is i don't think he can politically escape ramifications of what we learned from the report and will continue to learn, i think. essentially what we know now is every rule was broken in order to try to hang a collusion argument around donald trump both as candidate and when he was in office in order to distract him. behavior, the kind we can't tolerate from the fbi and is fortunate in the sense the white house should be at the front of this saying this is not something the american people will stand for, not something will have doubts about happening in the future for future elections and instead they will run away from it, distance themselves and you have peter strzok and others who have profited from all of this out

there saying is something even though it's an absolute indictment of what they did. stuart: then, stay there. a cup a couple more things in this block. we got some green on the left-hand side but i also want to say target reported this morning and they got huge crime problem. >> they are putting a number on it and the number will shock you. organize retail theft is costing them $500 billion this year on top of about the same figure for last year so two years time we are talking $1 million pulled from the store shelves because of the five discount. retail is mad and they are pushing lawmakers to do some things to renters and. change the laws, arrest them. targets revenue is $25.3 $25.3 billion, be the street, april was soft. made numbers were soft that's

like guidance or consumers spend less the trip. and calling it a discretionary recession. your spending money on experiences and necessities a lot of what target cells is home goods, electronics, all of that is down. we saw that in the retails so we can argue about the semantics but there's a discretionary recession right now because of high inflation. stuart: overall the market is looking higher this morning, wednesday morning and looking at the dow of 150 at the opening bell, 13 minutes from now. betty go for the man himself is back this morning. you are running out of time for the big drop you've been predicting for a long time. are you standing by your call in the next couple of months the market takes a dive? >> i am and here's where we will be wrong. the only way you will be wrong is if we do not have a recession because the bullish cases,

there's no recession. we have record corporate debt and record consumer debt on credit cards now over 20% interest in the corporate net will have to start getting refinanced this year at double the rate. it's a math equation. the cash flow is mathematically impossible to be there. at the end of the day is a serious question i have, i have met able to time in history where their market bottoms before the actual recession and i haven't been able to find a time for three month and ten year yield has been inverted this long and we been able to avoid recession so i do not believe the fed, i don't think they will navigate a soft landing, they've done enough damage will have to live with the consequences of this debt bubble is a ticking time bomb and has me very concerned. stuart: would you turn bullish if the fed lowered interest rates? >> absolutely. if they lowered rates, that would be the biggest bull on your show.

i think the probability of that is very low but if they did, week pivot in an instant because again, i think that will be the time when you will want to start buying but i think they will raise rates did they were late, i'm sorry, late two cutting rates because they've continued to use rearview data. look at gdp as i've shared, i believe this quarter will prove the start of the recession. we look at the numbers in july and they will more like significant lower in the first quarter and you can look at the year end a half time. where they continued to decelerate, it will be tough for the market to avoid the macro data from a fundamental investor. stuart: i'm sorry -- >> i'm going to continue to pay. stuart: note change from eddie, the big drop still comes. we'll see you again real soon. thank you for being here today.

up at night. watch this. >> what about this country keeps you up at night? >> the thing i'm most worried about is the degree to which we now have a divided conversation in part because we have a divided media. when is coming up here, three tv stations and people were getting a similar sense of what's true and what is, what's real and what wasn't. today but i'm most concerned about is the fact that because of the splinter in the media we almost occupy different realities. stuart: i'm not sure i remember president obama is a unifier and we don't have a unifying president today and i think -- more on this later. coming up, mayor of new york city doesn't like biden's basement strategy on the migrant prices.

>> where the heck is the president of the united states? >> that's a good question, no city should carry the burden, it's a national problem and needs a national solution. stuart: that was cnn asking. >> those scotto on fox five. [laughter] stuart: oh. you bailed me out. that was good. mayor adams kicked off president biden's reelection team. we'll get into that and thanks for the correction. you were good there speaker mccarthy calling for john durham to testify what adam schiff repeated lies to the public need more people like former state department spokesman, she nailed it back in 2021. good news,

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president biden vetoed the bill meant to protect solar panel makers in america. i did he struck it down? >> i'll try with this one. congress wanted to stop sheriff's on chinese manufacturers on solar panels again so if it comes from china, it has a tariff on it. the -- congress passed a bill to do so in the president vetoed it. passage of resolution that against american innovation, it would undermine efforts and create do certainty for american business. in my view, he opted to roll out the red carpet for china and

removed tariffs on the products for another year, june 2024. i don't think it makes our solar industry not ready for his green dream so he's got to rely on china in the meantime. stuart: we can't compete on price. >> he's hurting american manufacturers right now. stuart: but helping climate change. president biden has to japan, his trip to asia is aimed at taking on china. morgan ortega's is here. a couple questions, how did the chinese people you president biden? then i would ask, how do they view president trump? >> will have independent pollsters to know exactly how they feel but we can take it from their leaders and how their leaders treat the admini administration. i do think in the intelligence community has assessed this publicly, especially after the fall of kabul to the telephone, he's viewed as weak, i think that's a resounding assessment

that most countries agree to. the problem is it's not just biden, it's easy to pick on him but when you look at how the chinese leadership treats our leaders like sullivan will remember the first meeting alaska the chinese officials had with lincoln, they spent 20 minutes correcting them in front of the media and embarrassing them, that set the tone for what they were willing to do and the chinese by balloon, that was a clear blatant violation of our airspace and showed that they were scared to fly over, they want scared of the consequences. stuart: how do they see trump? >> the one thing president trump new about china and he'd been saying this for like 20 or 30 years, a long record on what he said about china, president trump new the chinese leadership would not play by the rules, he knew ccp was feeling and tello actual property and going to the list of things we talked about

so what did trump do? after he was elected before he was sworn in, i think it was december 2016 he did something radical, he called the taiwanese leadership had a phone call and talked about the recognition in the sent shockwaves around the world. i was quite surprised myself at the time, i thought well and i think that took the chinese communist party's offkilter because they knew they now face the president who would not play by their rules. the ones they've been floating for 20 years. stuart: the good old days to some. switch gears, durham report. speaker mccarthy wants him to testify about adam schiff and lies to the public. you, morgan, you called him out to his face about his lies a few years ago. great stuff.

>> for years by promoting this, i think that's what people who entrusted you are so confused about your culpability and all this. >> i disagree with your premise. it's one thing to say allocation should be investigated and something to say we should have seen that they were flying to christopher still which is impossible to do but let's not use it as a smokescreen to somehow shield double terms culpability for inviting pressure to help in the ele election. stuart: totally wrong. spewing lies. >> he went before the american people in the media and said seen the evidence but couldn't share it because of his position of intel community chair, the chair of that committee in the house, people in the media believed him. i haven't seen statements coming up, maybe he's put them out but we need to know what evidence he saw that durham didn't see and

this report as i read it, a lot of people cap president trump felt justified from the report, have had angrier and angrier as i read the report when it came out because i thought he would go having politicized the intelligence community, having politicized federal law enforcement and they think they will get away with it and that's the scary part, no institution, no a political institution current progressives and liberals are not willing to make political including the defense department. look what they said two days ago in alabama the main output it in alabama because of abortion politics. are they waiting in on this when they had record low retention, record low number of people willing to be recruited and sign up and you play abortion politics? stuart: my fellow says he'll went. radical democrats live and tried to california. great to see you again.

see you soon. the cia wants to get secrets from russia, interesting headline. how do they do that? >> through social media. they're telling russians for might feel alienated by the kremlin we have this secure way you can communicate, we want to know anything you have on cybercrime, financial data, reading between the lines, faster they did something similar, they must have gotten a decent response if they feel they could follow-up for more solicitation. stuart: thank you. check futures, wednesday morning looks like green on the screen. dow up 170. modest gain for the nasdaq 30 points higher. opening bell is next and we will take you there to wall street. ♪

stuart: left-hand side of your screen, dow up close to 200. after percentage -- order percentage, the s&p. it's going to be a about a half a%. shaw, what are you want to jump

back? it's been years since we had the dip buying in, when will you get back in? >> i think it's going to be after we see some kind of recession, i think probably a soft landing recession i don't think the market has seen its lows, i kind of agree with what eddie said, i've said we can see among the that would be the scenario but i think we are hearing from that officials they will keep rates elevated and will put pressure on earnings and earnings have for the next couple of quarters have not been taken down from a they've been raised and if we all in soft landing recession, it would remain elevated, earnings will not hold up and i think will be pricey and fast the case. the least path of least resistance seems to be to thee d chase the rally. helping they would and would

seek some pickup and undervalued stocks get bids for we are not seeing it. stuart: i know you are buying one category of stocks and that is big dividend paying energy of it is so why don't you tell me which energy companies and how high is the dividend? >> energy and minors and blackstone, mineral bsm, huge dividend, look at it to believe them and when i look at the dividend payout ratio of net income to common shareholders, they spend on the dividend instead of leaving them enough or are they borrowing? , like borrowing, blackstone mineral is probably my favorite and energy stocks. there are a bunch of docs that are high yield. stuart: are not familiar with this, is it blackstone minerals?

what is it? >> blackstone mineral. stuart: was the dividend? >> i bought it lower so i will tell you exactly what it does as of yesterday's close -- give me a second to get my glasses on. [laughter] stuart: handle that computer, come on. i'm the guy who can't handle computers. >> i wasn't prepared for this question. stuart: i'm sorry about that. twenty seconds before it opens. what you got? >> 12.56%. stuart: okay. >> 62% payout ratio. that solid. stuart: bsm 12.56% payout in the dividend. you made my day in our viewers, to. thanks very much, that was good. the market is now open and we see plenty of green. the dow is open, 50-point cane

and as about 30 cents to fill in as they open, you can see the vast majority, s&p 500, that's open on the upside. how nasdaq composite on the upside but less so, .4% almost. 12,000 390, big tech, all of them higher except apple, down 30 cents and that's it. amazon 115. microsoft up again 312. stuart: i was watching the european -- that was really c cool. >> okay so in the future we could possibly see tesla

commercials advertising, i think the shareholders meeting, and i'll share anything on as compared to $2 million gm and ford, one of the secret sauces to tesla's success so elon said we might see future tesla ads on tv and billboards pretty big so take it with a grain of salt but so promising temperature launch this year, production to ramp sometime this summer into next year. take it with a grain of salt these deadlines and dates. also shocking and tell me if you think so, he's so promising full self driving cars by the end of this year. full self driving so well he admits he's pathologically optimistic, while people are saying it's going to be hard to do that i would say tesla possibly building plans, it

might be? routing stock because executives according to the reports are negotiating and manufacturing plants tesla has five confirmed plans around the world, mexico being the newest announced this year and in the green space, it's done really well so far. look at this stock, 2500 in share, it down but this is the trend, green climate stocks. stuart: that's their business. >> brand of charging stations. stuart: down today. okay. >> did you like the princess bride reference they were talking about an interview with elon musk? did you ever watch the princess bride? a romance story for the girls out there. stuart: shall we move on? >> yes. [laughter] stuart: target in t.j. maxx

reported this morning, highlights. >> too early for love stories for you. [laughter] talk of shrinkage again and kept his back apparently, it will cost half a billion in profit according to target ceo brian cornell. he says it's worse this year than last year but he saw sales and profits drop, keeping for your guidance intact and hedging the whole year, a wide range for traffic, single-digit decline or low single-digit increase which is all over the place. tjx, discount retailer, they missed on revenue, still not terrible to start the year end raising 22, april improved with inflation coming down and here's the important part, fill the whole left by the bed bath and beyond bankruptcy. stuart: general rule -- this is an intriguing story, and was on a side of streaming to for

professional pickle ball. >> have you ever played pickle ball? why is interested? stuart: i've watched it in florida. [laughter] >> nimble. for tournaments, for pickle ball tournaments, the fastest growing sport in america. 36 million of battle, and you're tempted. for amazon i think it's all that surprising since we know sports and prime video has driven prime subscriptions which surpassed 200 million around the world and football, huge success the a lot of people in the market say adding more sports, not a surprise. i would say buying another studio, maybe there done. stuart: when i was about to say, the soccer team in britain,

there's another offer on the table. how much is being offered? >> six and a quarter billion dollars, it's an offer from target group in the 11th hour raise bid, they are putting out more money on the table, it's less than the top bid so they are offering seven and a half billion dollars to buy the football franchise. the family wants to retain 20% stake. they will make a lot of profit off this sale. i think they bought it for less than a billion dollars. a decade ago but i'm surprised by how expensive manchester united has become. seven and a half billion dollars, top bid right now, that's more expensive out i would say 50% of what the washington commander has had in the nfl. stuart: global grant, a real power, millions of people supporting him because they are.

>> i will caveat that with a grain of salt. in america, i feel football has made that inroads, that penetration for the nfl is dominant in the biggest economy in the world. stuart: you should see the ratings for premier league soccer, astronomical. >> huge, definitely. stuart: regional banks looking much better this morning. >> the search across the board, western alliance came out with bullish sentiments think the deposit has gone up by $2 billion so far this quarter. things might be recovering, stabilizing after the first republic. stuart: you think is lifted the market? >> i think it's lifting the entire regional banks. stuart: and the whole market? >> the debt ceiling talks, the fact that we could be finding a deal and not a man's made disaster. the tell you every major ceo is

talking about this right now. stuart: thanks, see you again later. listen to how vice president kamala harris. stuart: doctor marc siegel think so. the doctor is in. back to the durham report. who's responsible for what i call successful dirty trick in american political history? we'll have an answer to that question after this. ♪

market is open and the dow

industrial over 100 points, massacre up about 40 points. according to the durham report, there is a key meeting at the white house in august of 2016. attended by vice president joe biden, president barack obama, attorney general lynch and james comey from the fbi. judicial watch president tom knows about this and he joins us now. what's the significance of the meeting? >> the obama administration had good reason to know the leaves they were supposedly chasing about russia collusion were made up by hillary to keep herself out of jail continued. stuart: was the obvious? >> it was in the durham report reconfirms because we know this, no matter where they looked the couldn't find russia collusion

and have begun buying in the early part of 2016, the couldn't find anything and us kids were coming in and couldn't verify anything and the steel dossiers but they never stopped targeting trump which shows it was always about politics and never about national security and we have this election interventions like we've never seen before. richard section shaking his h head, they moved me out of the white house for much less. stuart: to confirm august 2016 and the white house vice president biden, at that meeting, thank you about the hopes, it was revealed, they knew right there and then the cia director -- intelligence that it was substantial enough he briefed the leaders of our country that the russians have intelligence that hillary was going to be pushing out russia collusion hoax on trump to

distract from your e-mail problems and other issues and it turns out the russians were right. [laughter] stuart: exactly. they were right. who's responsible for what i call the most successful dirty trick in american political history? whose overall responsible? >> hillary clinton news the center the she helped generate the information. she had anti- trump allies goino

suffer consequences and i think we should evaluate her investigations into trump with the same to decide the durham look at the russia collusion hoax investigation. why do we think the fbi is in a different this year than three, four years ago? why do we think the justice department stators are less antitrust than three or four years ago? it's probably worse given the passage of time and the trunk derangement syndrome taking hold in the d.c. establishment here. stuart: adam schiff lied to the american people about what was going on. now is going to run for the senate, california senate and i senate, california senate and i bet he wins. the chase ink business premier card is made for people like

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democrat run cities rising confidence but not blaming their own progressive, they are blaming carmakers. in philadelphia, why is it hitting this on the carmakers, jeff? >> they are pinning it specifically on to carmakers. mondays and key is. that's a sunday right there. hopefully it doesn't get stolen during this live broadcast. if you look at cities like full of you for example, number of deaths of hundreds and he has skyrocketed, up from 2019 to 2022, kia and billy up almost

eight 100%. they lack the called electronic mobilizer. they were required on the vehicle but apparently makes them easy to steal. a consequence, 17 states are asking monday and kia to initiate a recall of those vehicles. the company's have offered a software fix you could do voluntarily but the cities and states have gone far enough, nine cities, primarily democrat cities are suing to try to recoup the money lost because of those car thefts. others however, in law enforcement say why are we blaming the car company, shouldn't we do a better job finding and prosecuting the people doing the stealing? >> you would think is going to be a huge crackdown from politicians in the area. larry kuester will throw the book at folks and they are doing the opposite they continue to let these thieves out over and over again and they throw their hands up and say it must be the

businesses fault. >> it's worth noting 65 insurance companies are suing because they say they been paying millions in payments so my first car was a 1965 dodge car and you could start with a screwdriver and as a result, somebody stole it and still looking for that car. [laughter] stuart: good luck. rate report. thanks very much. a company called -- they got a new suv called grenadier, brought to you by an englishman. he wants to buy manchester united. gary is with me, he's been test driving the grenadier. it's not electric so what's special? >> it's not special, it's old school. jim radcliffe, an adventurer, he's been to the north and south

pole, he's all for driving and he is sitting with his friends and they were lamenting the fact that new trucks, they've got this technology so we tried to buy the rights to the old the -e

company owns bell staff, the jacket, they have a couple of models called trail master, the trial master infield master inspired by products from bell staff. it's this whole i want to go outside and experience the old time suv. i had a great time it is very capable. not luxurious, not meant to be. it's meant to get dirty, the model is built on purpose. stuart: gary, thanks very much, indeed. still ahead, the situation of the border is not that bad. title 4250. pat fallon that the border, i'll get his response a little later. dave slammed the guy using his speakerphone in the airport. what's that about? some people are charging their adult children rent sean duffy

has nine children. with the ever start making his kids pay up? the 10:00 hour is next. ♪ ..

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