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>> in july when we get earnings and we get gdp, you're going to see some headwinds that come in. we're seeing the credit cycle continue to tighten, so so there'll be some corrections along the way. >> we're probably going to see a short-lived rally because of the pause, but i don't think we're going to get to the pause and pivot that the market anticipates or expects that we're going to be getting to. >> a sad day for justice in our country. this deal stinks. hunter biden got a sweetheart deal that you would never get, i would never get. >> it's a two-tiered system of justice that offends every american that i know. >> it's pretty clear the president's policies worked. we had a growing economy, raising real wages across all key demographic groups. all americans want to see us return to pro-growth, low-inflation policies of the trump administration. ♪ ♪ ♪ stuart: isn't this dreadful

music? [laughter] wait, what is it? build me up, buttercup. oh, dear. i'm not sure what they're getting at there. build me up, buttercup. let's move on. it is 11:00 eastern time, wednesday, june 21st. yes, it is the first official day of summer in the northern hemisphere. check the markets, i see red ink especially for the nasdaq, down 150 points, that is 1.1%, a practical loss for the dow. same thing with the s&p, that's down about .4%. nasdaq taking it on the country. with big tech down all across the board. every one of them, apple, amazon, microsoft, meta, alphabet. look at alphabet, down 2.2. the 10-year treasury yield is going up, that's hurting the nasdaq. you're at 3.77 on the yield on the 10-year treasury. that's the markets on a wednesday morning. now this. india's prime minister is in washington and america's technology giants are beating a path to his door.

apple's tim cook, google's zahn daughter by chai, microsoft's nadella, they will all be at thursday's a state dinner. tesla's elon musk has already had had some facetime with the prime minister, he said it was an excellent meeting. big tech is now an arm of america's foreign policy. they are playing a big role because it is american companies that have the technology that's powering economies the world over. big tech's in the driver's seat. everybody wants 'em. china wants them to stay, india wants to bring them in. big tech is right in the middle of any decoupling from china. so why do so many american politicians attack them? okay, i can understand opposition to the censorship that some clearly engaged in, but so many on the left just wants to cripple our top performers. senator warren wants to break them up. bernie sanders wants an investigation into what he insists are amazon's anti-union

activities. and, of course, all democrats want them to pay their pair share. that's code. tax 'em to death, that that's what it means. when the high and mighty assemble for thursday's state dinner, big tech will be very well represented and so it should be. in a sea of foreign policy failure, the crown jewels of american business stand the out. they are a success. if the politicians -- the politicians should learn something from that. third hour of "varney" starts right now. ♪ ♪ stuart: martha maccallum is with us this wednesday morning. i say big tech's an arm of our foreign policy, you gonna take me on? >> i have to the say i think you make a very good point here, stuart. and i think one of the things that we don't talk about enough in this country is being number one and being competitive, right is? and so we should be encouraging

the best parts of american industry. it would be great at this state dinner if president biden stood up and said, you know, we thank you for the enormous contribution that you make to our economy and to economies around world. this is also a great opportunity, as you point out, to be part of the decoupling. why don't they use this dinner to, you know, put a bit of a, a bit of a scare into china -- stuart: i'm sure they will. >> -- about other options, right? china, vietnam, cambodia, all these areas that can be with, form strong alliances with american innovation and the ability to be dominant in technology around the world. around that pacific rim area this particular. and to, you know, say, china, you might be on your own in some of these situations, and we own the components that you need to build pretty much everything you need to build. so i think it's a really strong opportunity that needs to be seized upon and talked about. stuart: and then we have this, former president trump suggesting that he might, he could skip the gop primary

debates. watch this, please, roll it. >> you've suggested you may skip the the early republican primary debates, the first being august in milwaukee. you still in that mindset? >> i like to debate. i mean, i probably am here because of debates. i don't mind it at all, but when you're 40 points up and you're running against an even -- one came out today that you saw 51 points up, why would i let people take shots at me? stuart: fair question. you and bret baier were just named moderator of that first republican if debate this august. do you think trump is going to skip it, or do you think -- >> i liked the first part of what he said, i like to debate. and i think that he would do well to be part of this process because i agree with him, he's got an enormous edge right now. we see these things shift over the course of american political history. it could move. it looks like he's in a very solid position right now. but he will be taking incoming

that night. and so it's not like him to not want to push back against it in the moment and immediately. stuart: true. >> so i think he can come into it with a very strong position of strength. certainly in the scenario we're in right now he would be front and center on that stage. there's a lot of tough criteria for these folks. they're got to have 40,000 individual donors, at least 1% in legitimate polling for the rnc to allow them a spot on that stage. so i think it's going to be a little bit smaller than people might anticipate at this point, and i think he should absolutely miles an hour. stuart: i hope he does. >> we all hope he does. stuart: last one for you, martha. former attorney general bill barr on your show yesterday said it was more important tan ever to release the document on biden's alleged document scheme. >> half the country believes there's a counsel standard of justice or more than half of the country. i believe there's a double standard, and i've been an insider. and i said even before these

pleas were announced it was critical that the department provide assurance to the american people that these cases are going to be fairly and thoroughly followed through on, and now that burden is especially heavy. stuart: that was the former attorney general on your show. do you believe it was a double standard? >> i think, you know, the polling is clear as the attorney general points out. when you have half the american people saying that they think that politics are involved in these moves by the department of justice and we just heard from john durham saying the fbi has a lot of work to do to repair the damage in the hearts and minds of the american people. so now it's the incumbent upon this oversight committee to do their work. there's so much that is left out of this this hunter biden situation. it talks about two tax situations and a gun violencement -- violation. there is a lot more here. there is ten for the big guy. tony bobulinski structured that deal with a communist china

electric company. bobulinski structured the deal. he said the big guy is president biden. okay? we need to know more about that. and the they're going to drop the ball, then the oversight committee has to make sure they pick that ball up and they get the documents that they need to get. and really it behooves the department of justice to give them everything they need. stuart: yes, it does. >> and to be very open with this committee especially if the work, the legal work is done on hunter biden at this stage of the game. so, you know, they have work to do, i hope that transparency will go a long distance in proving that they are willing to do it. stuart: what an extraordinary the situation we're in, and you are right in the middle of it. [laughter] so we're going to be watching you on "the story." >> thank you. always good to join you. stuart: 3:00 eastern toed on the fox news channel. back to the markets, please. i think the dow's loss has moderated a little. we were down well over 100 points, now we're down 38. the nasdaq's off 1.4%.

mark tepper with me now. i read your stuff -- >> good, i'm glad. [laughter] stuart: now, you say that we're entering, i want to get this right, we're entering a new bull market for single-family homes. >> can you believe that? stuart: i've not heard that before. >> what a welcome development given the fact that all of last year we were in a pretty ugly housing recession. but when you look at all the economic data the, the home builder sentiments' been going up for the last six month, housing starts just skyrocketed, definitely a product of two things, this potential bull market. number one, inventory's been so incredibly low for so long that finally we're going to have some supply coming on line in the form of new builds. and the other thing is mortgage rates. is so i believe that potential home buyers right now are optimistic at a bare minimum that mortgage rates are not going any higher, that the fed is done or close to done, that mortgage rates won't go any higher. and you've got home builders actually buying the rates down

to get people in. stuart: the i love to see this turn-around in real estate because that is something new and rather dramatic. one last one for you, i know you're with me for the hour, but what about a.i.? do you think in that some of these a.i. stocks have just gone a little bit too high? >> well, you said some? i think all. [laughter] i think they're all overbought right now, all overvalued. but you're not buying the cash flows and the earnings right now. you are buying the dream. and this is something that's going to be, at a bare minimum, a decade-long movement, possibly a multi-decade-long movement and you have to have education e pose your with. so i think -- i actuallied had t last week ask is it too late to get into nvidia, to buy a.i., because nvidia's up almost 200% this year -- stuart: and you said? >> i said dollar cost average in. figure out what your ideal position would be now, maybe go in at 20-25%, and then over the course of next 12- 24 months continue to build the rest are of your position.

stuart: dollar cost averaging. i haven't heard that for a long time. >> it works though. stuart all right, mark, stay there, please. movers, let's start with tesla -- lauren: rare decline, 4.5%. the story is jay powell. he testified that the fed has a long way to go to get to that 2 inflation target, so we're seeing mega-cap can companies struggle as the yields go up today. this is overshadowing really good news. reuters reported that the state of texas will now require ev charging companies to also use the tesla charging -- stuart: oh, is so that's more on the universal charging system brought to the to you by tesla. lauren: i'm blaming it on powell. it's down almost 5%. stuart: okay, how about apache? lauren: oil's up nicely, apache's up 3%. there's a potential drawdown in crude supplies. we get the latest data, we should get it today but now it's tomorrow because of the juneteenth holiday. stuart: disney. it dropped below $90 # a share the other day and it's down to

88 now. that. lauren: barclays is giving it a street low price target of 88 which is that now. here's the reason, they see they haven't seen sentiment this negative for disney this a while. and here's the other piece of news, disney's pixar just put out its new film, elemental, over the weekend. it was the second worst opening ever for pixar with a little over $29 billion. the main character is than-binary. it could be some families are that is righting to push back -- stuart: copy. $# 8 a -- could be. $88 a share on walt disney. more trouble for bud light. a gay bar in minneapolis has removed all anheuser-busch products. we'll tell you what their problem with the beer is. "usa today" publisher gannett is the largest newspaper chain in america. they just launched a massive lawsuit against google. we'll tell you what that's all about. one company is giving away

bonuses to any employee who has a baby or adopts a child. the ceo is here to explain why he's implementing this policy next. ♪ you get what you get ♪

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stuart: my next guest is the ceo of a company that is offering a baby bonus for employees who have a baby or adopt a child. michael seifert is with us. he's the ceo and founder of public square. michael, why are you doing this? >> well, first of all, stuart, thank you so much for having me. we are happy and are celebrating this new baby bonus. we're happy to do this for our

employees because, ultimately, we believe that our company is only as strong the as the families that have built it. and to to take it even further on a more macro point, we actually believe that strong families build a strong nation. and i've been really frustrated watching companies like amazon and starbucks and target and these different entities actually pay for their employees' abortions. we want to sing the opposite tune. we are a company that is pro-life, pro-family, and we want to celebrate the expansion of the family -- stuart: so you are making, to some degree, a political point here, right? >> i would take it deeper. i would say this is actually a principled point. stuart: okay. >> we genuinely believe that our employees are happier, more productive when they feel like they can freely expand their families and know that that their employer has their back. so not only do we offer substantial the family benefits, but we actually wanted to go above and beyond and say that if you're having a baby or like to adopt, because adoption fees can be very costly, we'd like to celebrate that.

and it's a much-needed, opposite message from what we hear in a lot of culture. stuart: i've got a couple of rapid-fire questions. first of all, how much is the bonusesome. >> $5,000 after tax. stuart: ooh, that's not bad. that's pretty good. okay. how many people have you paid the bonus to so far? some. >> we've paid it to about four so far, and we just had another three pregnancies announced, so i think it's the working. stuart it's t working, okay. men, as we know, cannot have babies, so what about the men in this? >> so this bonus applies not only to our moms, it actually applies to the spouses. so if you're a male employee on our staff and your wife is pregnant, your spouse is pregnant, we will actually give this bonus to you as a family. and, by the way, this isn't just limited to one child. we want to make sure that these employees know that their expansion of their family is celebrated here, and if they'd like to expand their family, they know that our company is going to be sell brative and

supportive of that decision. stuart: this is something brand new and very interesting. michael seifert, thank you very much for joining us this morning. we wish you well, and that's a fact. >> thank you, sir. i appreciate it. stuart: see you later. starting in october, tens of millions of borrowers will have to begin paying back their federal student loans which means families are going to have less dispose able cash. lydia hu has this story. is this going to trickle down to the retailers presumably? >> reporter: yeah, you got that right, especially those caring to the millennials and the gen-xeres was that's the bulk of the student loan borrowers, estimated to be around 69% according to jpmorgan. ubs conducted a survey and found the consumers that are student loan borrowers, they tend to prefer name brands and specialty retailers. so they are predicting negative impacts for brands like these, let's show everyone. you're going to recognize these guys. american eagle outfitters, crocs, canada goose even, names

i'm sure you're all familiar with. jpmorgan also warning big retailers that cater to millennials and general xeres are going to suffer, dick's sporting goods, all that beauty, target, best buy -- ulta beauty. not many retailers are acknowledging this headwind, but the ceo of overstock.com -- that's an online retailer -- he said back in april on an earnings call, quote, i think the consumers are going to continue to be urn pressure. and -- under pressure. and he went on to say student debt holders is have to start repaying the loans that have been on kind of a 24-month hiatus. that will be pressure on the chi. to be clear, it's been on a 3-year hiatus. small businesses are concerned too. we talked to the owner of a shoe store, she's already adjusting her future inventory anticipating a pullback, but she's worried other small businesses are not planning. listen to this. >> there might be other retailers around he that are not healthy, and if they're not healthy, then they've got with to buy or sell products and

that, ultimately, sort of creates a race to the bottom. so that's the one thing that i'm actually the most concerned about. >> reporter: now, when the payments resume, borrowers will have to pay about $200-300 a month on average. jm por morgan estimates that's translating into $10 billion per month going to paying those bills rather than consumer spending, so retailers are going to feel that pinch. stuart: assuming the supreme court does not step in. >> reporter: even if they do, rea payments are starting no matter what, it's just whether the $400 billion will be forgiven, but payments are going to be restarted no matter what. stuart: that, i didn't know. lydia, thank you very much, indeed. >> reporter: you got it. stuart: california taking another step to address organized retail crime. ashley, come on in. what are they doing? ashley: well, the major retailers -- and good morning, stuart -- in online marketplaces are banding together along with state authorities to share information on theft not just in

stores, but from the supply chain to the actual stores, where's this stuff going. they want to get a better handle on the organized retail crime spree. the state also creating a new site online that allows people to report retail crime ask also provide tips. organized retail crime refers to large scale theft where goods are stolen with the intent to resell, distribute or even be returned for financial gain. according to a 2020 national survey, u.s. retailers lose approximately $700,000 to organized retail crime for every $1 billion in sales. that's a lot. in california it's hoped that the information sharing and detection will help identify biggest offenders, actually work together to try and combat this kind of crime. stuart: all right. thanks, ashley. mark tepper's still with me. this is a huge problem for the retailers. i'm not so sure they can get out of it real fast. >> no. and this policy in california, it targets organized crime. this targets limiting theft off

cargo trucks. that's actually good news for the shoplifters. that means there's going to be more stuff in the store for the shoplifters to walk out with. they still get a free pass on the first $950 worth of goods they walk out with in california. so that's a part of the problem that needs to be addressed. i understand you don't want people stealing off the back of a cargo truck the, but you can't let them walk out of the front door of your store either. stuart: absolutely right. well done, mark. thank you. here's what's coming up, a federal judge struck down arkansas' ban on gender-affirming treatment for trans youth. what's that mean for other states with similar laws? we're going to get into it. the results are in, charter schools are significantly outperforming public schools especially in big cities. of douglas murray, a big proponent of school choice, he's next. ♪ all i do is win, win, win no matter what. ♪ got money on my mind, i can never get enough. ♪ and every time i step up in the building --

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stuart: usa today's parent company is gannett, it is the largest newspaper publisher in the united states. they're suing google. susan li's back. what's this about? susan: so google's alleged monopoly on advertising edge the, that's what it's about. --

technology, that's what it's about. google controls a big chunk of how ads are placed online. and that's why gannett, which as you said publishes over 200 daily newspapers across the country, hay sued google in a manhattan federal court saying something needs to be done here. newspapers have seen a near 70% drop in advertising revenue over the past 14 years, gannett says that that our lawsuit seeks to restore what they call fair competition in a digital advertising marketplace that google has demollished. and without free and fair competition for ad space, publishers cannot invest in their newsrooms and content. gannett sales are down around 10% over past year. they've already closed and shut down 1 is 70 newspapers -- 170 newspapers over the past four years. now, google says that, of course, gannett 's claims are wrong here, and publishers have many options to choose from when it comes to using advertising technology in order to monetize. sure, there are options out

there, but, you know, the majority of big advertisers and web sites, they use google's ad tech to buy and and sell ads. and if that's why the e.u., the european union, i sued earlier the month threatening a break-up of google and also a fine of 10% to their global $280 billion in sales each year. doj also sued earlier this year joining 17 states that have already sued led by texas. so it seems like a lot of people say that google has too much control when it comes to online advertising. gannett's stock down 70% the past four years, and you know google makes $60 billion in profit each and every year. $60 billion. 80% of that coming from online ads. google's stock, which stu varney has recently bought into, up almost 40% this year. but that's more of an a.i. bump than, i would say, anything else. stuart: it's a tiny sliver that i've got, i mean, an absolutely tiny sliver -- stuart: of, what, a trillion

dollar company? stuart: that's a very fine sliver i've got with. good stuff. interesting difference between gannett is and its stock price and google, for hen sake. susan: yeah. and is it the chicken, is it the egg, is it just an excuse because we're not making enough money when it comes to print and newspapers. stuart: good question, and i don't really have the answer, but i think you're on to something right there. thank you, susan. a federal judge in arkansas just struck down a state law which would have banned gender-affirming treatment for transgender youth. douglas murray with me now, douglas, the judge struck it down in arkansas. what about other states which have similar laws? >> i think it's almost bound to follow. but if i may quickly, that phrase you just used, gender-affirming care, is the source of the problem. the source of the contest that is going on to. stuart: okay. >> a portion of activists in america say that biological sex can be overridden, and there is a thing called gender identity

and that if you have it, you should have your gender affirmed, and that is you can be helped to transition from one sex to the other. another group of people, including myself, say that's not possible. and in any case, we're talking about irreversible damage to minors. we're talking about, for instance, the giving of puberty blockers. we are looking at a situation in america in particular at the moment where the pharmaceutical industry is massively profiting from a burgeoning interest in this area. now, of course, trans activists and gender idealogues say the comes about because so many more people are becoming aware that they're transor different gender. others of us say this is a social contagion -- stuart: almost like a fashion? >> it's like a fashion. these things come and go. at the moment in america, as in other western country, if a young person wants to get some attention, wants to get interest from their peers, want wants to be viewed as a minority of some kind if they otherwise can't be,

you can say that you're nonbinary, you're 100 million gerunds. the pharmaceutical industry coming into this, i think, is a massive move, and states are right in my view to be moving against it because we don't have long-term studies of the effect- stuart: exactly. >> -- of these things. we already know that osteoporosis can set in from a very early age if you're given these allegedly reversible blockers. early cancers and much more. we have so few long-term studies on the actual consequence of this this. so whenever i hear things like gender-affirming care, i worry about it because it's not that. s the about medicalizing a movement in our society that may well disappear in our lifetimes or at least cede. and i am -- recede. and i am very, very concerned about because i think among other things there is going to be a generation of lawsuits coming down the road here. children who said that they were

one thing and then decided they weren't, they will be coming back many droves the to sue -- in droves to sue the pharmaceutical companies, the hospitals. this has already happened in other countries. it's already happened in the u.k. where the main so-called gender-affirming clinic has been effectively shut down. it was sued into oblivion by young people who were put onto the treadmill of medication and then said, you know what? no one ever said stop. stuart: i hope we've got some time left for the next subject, because it's right up your street. charter schools. significantly outperforming public schools. and new york is leading this trend by a wide margin. new york city charter school kids gained an additional 80 days in math compared to public schools. and in reading they outpaced public schools by 42 days. i blame the teachers union. what do do you say? >> of course it's the teachers unions. teachers unions always say they need more resources. they need more money. stuart: right.

>> actually, new york state -- not just nationally, but internationally more is spent on an average student's education in state schools than any other country, and they don't perform very well. by national or international standards. charter schools demonstrate that there is another way. you don't need to massively hike the spending on a child. it's about changing the ethos of the school, changing the educational ethos, parental choice and much more. charter schools are an answer to the education challenge in america. they are not the only answer, but they are an answer. and the best thing they do is they prove the lies of the teaching unions. and if you go to a child at concern charter school ask see the difference between that and union-led schools, it is the about discipline. it is about the ethos of the school. it is about making sure that children are that taught basic capabilities. across this country at the moment, we are not educating the next generation of americans remotely adequately in the basics of math and literacy.

and charter schools is certainly better and, of course, the the teaching unions, they're mad -- [laughter] stuart: you are one of the most articulate guests on program, and we really value your appearances here. thank you very much, douglas. >> thank you. stuart: if you're not careful or, you'll be back. [laughter] next case, let's talk bud light. they suffered their worst weekly sales drop since the di -- dylan mulvaney controversy. we're going to take you inside america's oldest brewery, we'll do that next. ♪ country boy can't survive. ♪ i need something cold many ♪ ♪

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from big cities, to small towns, and on main streets across the us, you'll find pnc bank.

helping businesses both large and small, communities and the people who live and work there grow and thrive. we're proud to call these places home too. they're where we put down roots, and where together, we work to help move everyone's financial goals forward. pnc bank. stuart: all right, let's head to the largest american-owned brewery in the country. jeff flock is in pottsville, pennsylvania, at the i didn't thinkling brewery. okay, i've been corrected on the rob proper pronunciation. how long have they been brewing

beer there? >> reporter: oh, only since 1829, stuart. only longer than busch, miller, longer than all of those guys. it's not a chinese beer. it may sound like it, it's german originally. they come down, they go around the merry go round there, get filled with bill and then come right over here and get packed away and, in fact, i'm with the sixth generation of beer makers, jen. can i pull one of these -- >> you may, you may. running at a 900 cans per minute. uh-oh, try another one. there we go. [background sounds] >> reporter: that didn't work quite like i wanted it to. stuart, i want you to the meet the rest of the family. go ahead, jen. this is six generations. and the latest generation is a little bit different because it's always been men, the the

yuengling men, now jen is one of four sisters -- we made it over to you guys. deb, tell me what you do. >> i'm culture manager. >> reporter: and, wendy? >> administration. >> reporter: and what about -- >> i work in order services. >> reporter: how is this, to be six generations of -- i mean, is that pressure? >> there's no pressure. st the our story. we have a story that nobody else has. we're america 's oldest brewery, six generations, and we're super excited and proud about it. >> reporter: i leave you guys with what's behind you. what is that? >> we're running our lager 12-ounce cans today. so you can see the let's go, usa, on pack. this is some of our summer stars and stripes programming. you'll see this at retail all over. >> reporter: quintessential, stuart, american company, american-made and pretty darn good beer ooh too. maybe not scotch, but it's, you know, if you've got time for a

beer, ill recommend the yuengling lager. stuart: and i will get it right. all right, jeff -- >> not chinese. stuart: thank you very much, indeed. next case, a gay war in minneapolis just removed bud light from the line of beers they sell following the dylan mulvaney backlash. i would have thought that group would have been on mulvaney's side. ashley: and you would be right, they are. the owners are upset at anheuser-busch for the way it responded to the backlash over the mull mulvaney controversy the. that's why the bar is replacing all anheuser products with beers from local breweries. now, john moore, the bar's owner, says the beermaker had an opportunity to support what he says is a marginalized community in a way that few other corporations have attempted, but he says they abandoned that direction, and and that is unacceptable. by the way, several gay bars in chicago have also can decided to

drop all anheuser-busch products arguing that the company has turned it back on the lgbtq+ community. and, by the way, the latest numbers show in the week ending june 10th, bud light sales dropped by a whopping 26.8%. that's the biggest drop since the controversy began. it's estimated -- this is remarkable -- the backlash has cost the beer company more than $20 billion. and the backlash, on both sides, goes on, stu. stuart: that's a lot of money. thanks, ash. mark tepper's still with me. which ends paris, bud be light brand or the bud light boycottsome. >> i hope the boy cot. i mean brand, look, they obviously made a mistake here, without a doubt. but they had 30 years of running the best advertising campaign of any single company in the world. great super bowl commercials for probably three decades. so i hope the brand does survive. it remains to be seen went the

boycott does end. but if sales are down 26 the percent year-over-year -- 26 year-over-year, i wonder how much they're down at target, 50%? double whammy there. stuart: all right, mark, thank you. for the first time ever john durham is testifying publicly about the trump-russia hoax. congressman russell fry was at that hearing. he joins me next. ♪ don't do me like that. ♪ well, i love you, baby -- ♪ don't come like that ♪ i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before.

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stuart: all right, we have an important clarification on the tourist submarine. the coast guard says a canadian aircraft did, indeed, detect underwater noises in the search area, but it should not be described as banging or tapping. the coates guard is going to hold -- coast guard is going to hold a press conference at 1 p.m. eastern. more information then. for the first time ever, special counsel john durham testified publicly on the trump-russia hoax. griff jenkins has the latest. what have you heard so far, griff? >> reporter: hey, stu, i can tell you it's been going on for almost three hours now, and john durham looks about as comfortable as you

would expect him taking these questions. it's gotten heated already, and we have heard for the first time john durham testifying about the fact that there was, in his opinion, no justification to launch that crossfire hurricane. we heard him testifying about the fbi having a lack of discipline, ask we heard -- and we heard about the fbi not always following the law. it's all a lot of what we've already heard, but to hear him say it was significant. what was really interesting though was when we heard him talk about difference between the way hillary clinton was treated as opposed to donald trump, and that was a point that chairman george can just hammered home. -- jordan just hammered home. watch here. >> 60% of americans now believe there's a double standard at the justice department. you know why they believe that? because there is. that has got to change. ask i don't think more training, more rules is going to do it.

i think we have to fundamentally change the fisa process, can and we have to use the appropriations process to limit how american tax dollars are spent at the department of justice. >> reporter: and, or stu, there was a lot of discussion about sow do they do to try and stop from ever happening again. we heard about, of course, fisa reform and and, ultimately, special counsel john durham said even with reforms at the fbi, it's not a, quote, easy fix. it's going to be difficult. we also heard, by the way, democrats hammering durham over communications they believe which were in the mueller report that he should have hooked into. they pushed very -- looked into. they pushed very hard, a adam schiff really hammering home that they wanted durham to dive deep into meetings that were alleged to have taken place at trump tower that, of course, was not something that was in the scope of the report as durham pointed out. it continues. we're going to continue to

monitor it. stu, back to to you. stuart: give generals -- griff jenkins right out there. congressman russell fry joins us now. you're on the house judiciary committee, you were questioning durham this morning. big picture, is it now absolutely clear that the trump-russia thing was a total hoax? >> i think so. i mean, that was the overwhelming assessment from the 300 to-passenger report issues -- 300-page report issued by durham. you look at this from every which way, from the very beginning it was based on hearsay, diplomatic discussions that took place. they had no basis to investigate this. they launched it without acknowledging their own guardrails or trip wires. they pushed this narrative at the highest levels of the finish bi despite the fact that -- the fbi despite the fact their own experts had no indication there were discussions between the trump campaign and the russian government. i mean, from a holistic -- this should frighten every single american, that this could happen

within the fbi. stuart: yes, indeed. i want to turn to the hunter biden plea deal. listen to how the media responded to the news. roll tape the, please. >> republicans have been trying to stir up conspiracy theories left of and right one after at another and been disproven. >> that's not going to stop republicans, i venture to guest. i isn't we will have lots of howling from the gop. >> house republicans have decided to go all in on this as a way to keep the republican base enthusiastic. >> these are criminal charges, republicans will call them a slap on the risk. >> you're already hearing, oh, sweetheart deal -- >> this is not a sweetheart deal. i think it's a good deal for hunter biden. stuart: congressman, it sounds like the media has concluded this is a victory for the biden that family. what say you? >> well, i mean, that's -- in typical mainstream media fashion, they go typical -- incg

some confusion about whether or not this will resolve all issues related to hunter biden including his actions as a burisma executive. this is a big problem for the american people if that's the case because this is a slap on the wrist particularly at a time when the oversight committee is the only one in washington doing its job producing bank records, showing foreign transactions dumping into members of the biden family. if that's the case, and i hope that it's not, this is a very big sweetheart deal for the biden administration, but it's not surprising, stuart, that the mainstream media would fall hook, line and sinker for this. stuart: it was to be expected. congressman russell fry, republican, thanks for joining us. quick check of the markets, still seeing red on the left-hand side of the screen. the dow has, it's retreated from

the its earlier loss, down only 5 points, but the nasdaq, big drop there, down 172 points. # 1:55, i see it on my clock. the wednesday trivia question. humberto was the second -- humberto ii the, sorry, was the last king of which european country? italy, france, spain, germany? answer when we come back. ♪ ♪ . .

stuart: is there any doubt about this? umberto ii was the last king of which european country? ashley, you're first. >> unless it's trick question, it tallly, number one. >> go with the same thing, it daily. stuart: it could not be germany. germany has not had a king since kaiser in the first world war. i will say italy. reveal please. yes it as italy. he reined for 34 days in 1946. why you never heard of him. i'm sorry, you're gone. that's it for "varney & company" today. in 10 seconds we'll start a different show, that show is called "coast to coast." watching floor manager count me down, three, two, one. it starts now. ♪