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tv   Varney Company  FOX Business  August 31, 2023 11:00am-12:01pm EDT

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second time he's done this. don't be fooled and no chance
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he's going to step aside as leader of the senate republicans. >> what we're seeing in the senate is what we're seeing across america. people in their 80s are 20% more likely to copt working in their 80s. who gets to skyed who represents them? is the voters and they're going to decide whether someone is too old or not. >> respectfully the vice president has failed at every task she's been given. she's not qualified to be president of the united states and president biden's age that a vote for biden is a vote for kamala. >> a look at pot stocks and 10 or 15% raise. stuart: good morning, everyone. it's 11:00 on the east coast on this thursday, august 31st. exciting news, folks. i'll be moderating the second
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republican primary and this will be on september 27th. fox business republicans and simi valley, california. it's a big deal and we're all very excited to be part of it. to the marks, please. i see green for the dow at least. up about 90 points and nasdaq 67 and s&p up 11. big tech how are they doing this morning? it's a mixed picture. four winners and amazon, meta, apple, microsoft and it's all down 56-cents and a 10-year treasury yield and inching lower and 4.08% and a couple weeksing a up 430. u.s. open tennis championship is underway and they're making news and the smell of marijuana and 12 seed alexander said court nos
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dress room and they complained the whole court smelled like weed. if you think america smells like a pot farm these days, just wait. health and human services reclassifying the drug as lower risk. if that recommendation is accepted. saying good-bye to pot prohibition. the biden administration and democrats in general have been in favor of legalization. 23 states allow the least restrictive recreational use and they are largely democrat run. it is republican-run states like texas that are the most restrict and i have that's a political divide. odds are it will show up in the 2024 election. nondrinking, nonsmoking donald trump tried to move away from legalization when he was president. governor desantis does not approve of adult marijuana use
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and will only allow medical use in florida. nikki haley said legalization is a state issue not a federal and mike pence is a vigorous opponent. senator tim scott has not expressed a clearer opinion one way or another and only vivek ramaswamy supports cannabis reform. millions of americans admitted to using marijuana in june of this year. it's not the end of pot prohibition and becomes an election issue forecasting and third hour of varney starts right now. stuart: clay travis joining me now. do you think that marijuana, the end of prohibition could be an end of 2024? >> i don't think so because if we end up with joe biden versus donald trump, i don't know that anything's going to matter other
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than biden's age and trump's criminal issues, but i do think overtime this could be an issue because it's never been left to the state to the strike that and federal principles and every individual state to battle this out and believe the ideal rule would be to have it motivating young people on some level because i bet of the 36 million you mentioned, a lot of them are in their 20s and their 30s who are sampling marijuana more frequently than older people. i would point out there are very many medicinal marijuana advocates that are older in nature. but i don't think given all the battleground that's going to be going on and again, presuming we get the rematch of trump/biden and the most likely outcome right now. i don't think marijuana would factor in a big way in 2024. stuart: my big beef with legalized marijuana is not legalization itself. i'm actually in favor of it.
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my beef is that technology, which creates the vapeing devices, which can be used in five seconds flat, you hit the vape, five seconds later you're stoned. and there's no smell. i got a problem with that in schools because if kids get ahold of it and they do, you don't learn when you're stoned on cannabis oil, period. >> there's no doubt. i think what it also shows is the younger kids use drugs or alcohol for that matter. the more likely they are to accelerate into far more dangerous drugs and that's probably what most parents -- i have three kids and that's what i think about in terms of drugs and that's what i think about marijuana in general and think about them in general and often young kids abuse alcohol and legal and relatively on college campuses and the challenge
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becomes if you start at a young age at a day to reflect and very likely to move onto far more dangerous drugs and we've got what, 100,000 people a year are dying and i believe the number is of fentanyl related use and most of those people are far, far younger than we would ever want to see anybody in a serious health concern and less death and people in 20s, 30s, 40s with many decades of life left otherwise. stuart: clay, i'm going to completely change the subject and i had a bit of a flub in my corner. that obstr on the show just a st timing a and clay, watch this. >> join the club. stuart: first time we've had a camel on the program. oh, it's not a camel. it's a rhino. my eyesight's not great. where's the horn? okay, clay, fess up, you saw that picture there and did you think it was a rhino?
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>> i -- look, i think you get a little bit of a pass there. i mean, i understand that typically people would say rhinos and camels have absolutely nothing in common. you know, we juiced to do a segment on my morning radio show like animal thunder dome and discuss all the different animals attacking humans and all the different crazy things going on there and that was actually one of the most popular segments that we did anywhere. i think if you throw yourself upon the mercy of a generous public, they don't necessarily expect them. they don't necessarily expect their business anchor to be an expert on realtime identification of animals. if they were, they might question your knowledge of interest rate movement if you were able to immediately tell the difference of the animals. stuart: clay travis, you're all right because you bailed me out of a difficult situation. clay, see you later. thanks a lot. back to the market, or reality i suppose you can call it.
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dow industrials up 60 odd points and nasdaq up 60 and s&p up on the left hand side of the green and is it time to get out of big tech? >> stuart, i think the boat is getting crowded onto one side in big tech. i sent you my notes as usual, and we see that hedge funds and other leveraged institutions are more invested in those top big tech names right in history than all the data we have and i believe the next couple of months are typically weak in september and october and that might be a good time if you're putting new money to work to put it elsewhere in real things and maybe even to rotate some out if you've gotten some really nice gains up to now. stuart: you rotate out into what? did you say into tangible
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things. is that what you said? >> yes, i really like investing in real things in the real world as some people might say. things that hurt if you dropped them on your foot. we've talked about a lot of those in the past, stuart, mining stocks and things like that and two that i really like today and one old friend lockheed martin had a pull back and defense stocks and u.s. defense spending is at an all time low and dating back 60 some years versus gdp. that's going to grow in the coming years regardless of how the read team versus blue team plays out. lockheed is different. what's your other play? >> yeah, i love raytheon as well and raytheon makes us somewhere
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the stinger missile systems and they're going to be needed more and more as all of these global potential conflicts start to pick up and it has had a pull back to a perfect place and i love buying it right here in the mid 80s. stuart: you make a lot of sense, dr. you really co. especially on the defense stocks because it surely is a dangerous world. thanks very much, dr. we'll take note of lockheed and raytheon and get back to you later. thanks a lot, dr. lauren is looking at mover, and we've got victoria's secret. lauren: awful report card. wider than expected and quarterly loss and brokerages coming out and downgrading the stock and wells fargo is one of them and took the price target to 34-18. why is it up 9%? everything they're saying about the stock is favorable to wall street and they can right the ship. they sell lingerie and athleisure. stuart: okay. online pet products company called chewy, i believe they're
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moving down big time. lauren: 11%. noticing signs of customer caution, less spending on their pets and a trade down from wet pet food more expensive to dry, one example. stuart: amc, the prompter is telling me taylor swift's era's tour is coming to a movie theater in october. that's the story. lauren: made an announcement on social immediate jaire and sent to kate the producer and we were like this is so exciting. it is. amc is now strengthening its capacity for you to buy tickets because of huge demands and it's the pricing of $19.89 for adults and that was the year she was born and 13 for kids and hawkeyes would concerts work in a movie theater? lauren: probably best of -- and tell a bit more about the story and mover and all of them. lauren: yes, stuart: a streamed live performance on a big
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screen. lauren: i think it's -- i read that as a movie about the eras tour and so popular and it's a nice change and that's so well. i can see that. lauren: elect them for the concert if you can get a ticket. stuart: almost labor day weekend and people getting ready to fire up the grill and how much more are you going to pay to host a holiday barbecue this year. the mack moray boys joining us later. wait to hear how the white house is responding. gold star families want biden to be held accountable for his role in the botched afghan withdrawal. watch this. >> i'm done biting my tongue. you, sir, stole their lives, their futures, their dreams. you've ripped apart 13 families. you cannot even man up and admit that.
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stuart: ouch, congressman darryl issa made it his mission to stand up for those families and the congressman is next. ♪ m (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. - they get it. they know how it works. and more importantly, it works for them. - i don't have any anxiety about money anymore. - i don't have to worry about a mortgage payment every month. - it allowed me to live in my home
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join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. >> not a single person has been held accountable and holding their names in public, not even once. you're a disgrace to this nation and you have no business and the military and i regret not saying this to your face when i had the opportunity and in dover, i'm done biting my tongue. you, sir, stole their lives, their futures, their dreams.
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and you've rip aid part 13 families. you cannot even man up and admit that. stuart: well, there was a lot more than that. friends and congressman darryl issa joining us, the republican from california. the gold star families were in washington dc. did the president meet with any of them? >> no, he was too busy. he met with school children but, no, this has been remarkable. his desire not to meet with those who sacrificed so much for their country. almost the exact opposite of george w. bush who even today still entertains and works with the injured and recovering veterans out of a sense of obligation as the former commander in chief. it's just -- if anyone wants to talk about compassion, look to george w. bush, don't look to joe biden at all. stuart: congressman, i need your opinion on a possible government shut down. we are indeed facing a possible shut down at the end of next
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month. september. some of your republican colleagues have publicly said it's going okay if a shut down happens and where did you stand on this? >> you know, stuart, there's always somebody that's just brave as hell in saying they're going to shut down the government and already two things that happen, one, behind closed doors they say i'm going to vote no, but we want it to pass or two, they shut down the government and then a week later they're crying in front of the conference. our speaker, quite rightfully has seen government shut downs and effects of it and he's made it clear we're not going to do a shut down. we'll do a partial cr, we'll do what they call a mini bus. we'll extend -- the intention is to get 12 good bills passed out of the house and more with the senate and getting fiscal discipline again and the most important thing for your viewers to understand and the investment community is not having a budget
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with the shutdown and doesn't save a penny and doesn't cost huge amounts of money and speaker mccarthy is aware with that and we'll do what we need to do to keep the government functioning and we'll also do what we need to bring fiscal responsibility back to the government just as h getting us
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better than we were before. stuart: it'll be a difficult balancing act, isn't it? get some spending cuts and that's what republicans want but at the same time don't shut down the government. that's a tough one. >> it's tough because the senate isn't really doing their job of starting with appropriations that match the budget we've agreed to and i'll say this, there's democrats that understand their reelection and linked to working with republican majority and just as there's a few republicans that were going to vote no and let it pass without them, for the most part, i believe that the speaker is positioned to get conservative reform while at the same time shaming some of the democrats into voting with us and not only the rule but on the appropriations and we've already seen that and saw it with the debt ceiling increase and that's what's special about this speaker is he gets it.
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stuart: right in the timing here, congress is in recess for another two weeks and then it's back to work in washington dc on september to the is the deadline. is that what we're talking about? >> technically, the end of the fiscal year and having said that, there's no question at all that september is a very short month and we won't be back working till the 12th and the appropriators have been working behind the scenes and i've been working back there as you noted for the gold star families and the reality is we are not expected to get aprop rations passed and combination of appropriations bills passed and a continuing resolution but at the same time the speaker said repeatedly a short term cr because he does want to get all of our stuff down once in a while for the calendar year and
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more. stuart: a lot of green, dow's up 40 and nasdaq up 60 and s and, up nearly 8. s&p up nearly 8.apple, amazon,p and i believe microsoft is down a little. yes, it is. off a $1.22 at $3.27 level and alphabet moving by $1.15. newspaper change it using ai to write some of their stories. come on in, ashley. they're 23409 going to do that anymore. why the change of heart? ashley: good morning, stu. because the much bali who intelligence technology several major flubs in articles about high school sports and the reports were marked on social media and being written with no knowledge of sports and the
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knowledge was written by ai service called lead ai and appeared in several local outlets in ohio, kentucky, and wisconsin. they featured identify language repeating the date of the game being covered multiple times in just a few paragraphs. it comes after the publisher axed hundreds of jobs in december and laid off 6% of the news division. >> apparently, all right. ashley, thank you very much indeed. stuart: nicole malliotakis is fed up with how the cry vis is being handled and they're calling to reclassify as marijuana is a lower risk drug and could this open the door to legalization at the federal level. that's the story and we have it for you. that's next.
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stuart: that's a sixth avenue in new york on a sunny, thursday for august and not exactly busy and that's the song riding dirty for a reason. the reason is that's a man driving down and the man had a sign on his car that read nebraska's big rodeo parade. best car entry. police pulled the man over and named it all howdy doody. to the markets, please. same story as we had a few momentsing a and lots of green, we've got the dow up p.o. 40 and nasdaq up 50 and s&p up about 10. administration wants to reclassify marijuana as a lower risk drug. the white house could
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reclassification this open door to federal legalization. >> or at least de-criminalization, stuart. white house press secretary karine jean-pierre looking at moving marijuana down to a substance schedule and it's a schedule 3 drug to a category and highly addictive substances like heroin. >> the secretary of hhs and initiating the administrative process to review how marijuana is scheduled. he's asking hhs and doj to take a look at it and do a initial administrative kind of process or review if you will. reporter: u.s. cannabis sales on track to top $57 billion by 2030 according to some analysts and those sales are something the federal government cashes in on right now with taxes. but there's a twist. if the federal government does
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move marijuana to schedule 3, the federal government would be missing out and tax revenue and cannabis businesses have to pay right now. they are not eligible for business ex-pensions and salaries and benefits and if we go to schedule three 3 businesses paying much less in federal taxes and biden administration considers a move that means more marijuana con sumses and president biden's alcohols and he's recommending americans stuart. stuart: that'll be an issue in the 2024 election. thank you very much indeed. dr. marty makary joining me now. should marijuana be reclassified as a lower risk drug?
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>> yeah, that's a new controversy and that's a narcotic and it's underplaying the real risk and people as marijuana have actual health risk include the risk of psychosis and people come in and they're health risk and a concern for a gateway drug and under the obama administration and white house administration not only to enforce and collect data and do research on marijuana and it's unknowns. stuart: i was telling one of our guests earlier with my problem with all of this is the vapeing device that burns cannabis oil and takes 35 seconds and put it back in your pocket and that's be z jugularieed by young kids in school because you can't tell they're stoned. does that worry you? >> that is being used extensively by young kids in school and marijuana is rampant and we don't have public health
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studies to follow and track the outcomes and when smoking became prevalent and convince the medical profession wasn't bad for you and took a long time to get this with the very, very concerning with this. >> it's up during a news conference and are we going to roll it. >> sorry, all, we're going to need a minute. stuart: doctor, a difficult situation without seeing him and examining him, could you tell me those are symptoms of what tennessee conditions and the thinking of expressing words and unable to express them and every day brain fog and aging and maybe underlying chronic disease and the brain that's about it
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and humility and i wish it from other places to get steps aside from the party and more from humiliation. maybe booster on the way and why do you oppose this new covid booster. >> data should be a very reasonable request and that's the fda's job and fda does not work for big pharma with the big community and safe and effective and this odd process and biden announced it works with the new covid vaccine that it works and it will "be necessary"for everyone to get it and now the fda is scrambling to decide if they want to approve it and this is not how the normal process gets done. rhode island like to see them -- i'd like to see them with the outcome of human data and push it on 300 million americans including teenagers.
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stuart: i don't think america is ready for that. i don't think america really wants to get back into any kind of lockdown mode or safe distancing mode or booster vaccine mandate mode. i don't think the country is ready for it. how about you? >> the last time the white house pushed a new booster vaccine and new covid vaccine on every american that was last fall but the omicron biovar atlanta booster, only 17% of americans said yes and show human outcomes data and more might be inteinterested and know a lot of public with a 5-year-old girl getting 77 covid jabs in average life stan. people want to see data. stuart: some colleges are bringing back vax mandates, colleges, i don't see that . how about you? >> we've done it -- an analysis several doctors and myself, we've published this and there's a net public health harm to mandating covid boosters in
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college kids because of the risk of myocar die dis-and it's labeled -- myocarditis and there's a net public health harm for that. stuart: dr. marty makary, you've covered three and a half subjects in the last three minutes. are you training to be a newscast or quit this job and become a newscaster? >> no, i love my job at the hospital but bring it on with the questions. i love it, stu. stuart: i'm out of questions and out of time. come again soon. we like ya. >> thank you. stuart: southwest airlines and the pilots are joining the picket lines of five major aircrafts across the country today. they want better contracts and we have a list of their demands. the white house insists they're working to stop the migrant crisis. watch this. >> it is indeed stopping or slowing down the flow of unlawful migration and that is because of the work that this
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president continues to do. stuart: meantime, they're blaming republicans for getting in the way. mark me meredith has that storyn the white house, next. ♪ ♪ chevy silverado has what it takes to do it all. with up to 13 camera views.
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stuart: okay. we're back with another check of nvidia and it's certainly been the stock of the month and it'll be the stock of the year and it's just shy of $500 a share at this moment. it is now worth 1.273 trillion and that's the value of nvidia. by the way, that chip could make
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30 trillion calculations in one second and the fastest chips in the world and they're the basis of ai and now you know why they may be the stock of the month and the year. the decade and nicole melania e malliotakis is the the stock of the year. year ashley: latest cf independence is after protest broke out on the island in response to the city's decision to use a closed down school as a makeshift shelter for migrants. new york congresswoman nicole malliotakis says the time is right to give staten island the opportunity to self-govern and
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don't hold your breath. a similar bill calling for at least a feasibility study that last year failed to even move forward, but the longer this goes on,s more there is unrest in staten island. stuart: fast for sure, ashley. the governor kathy hochul visited the white house expects the president to step up and take action. mark meredith at the white house. did the president show up for the meeting? jot president had a sit down and met with the chief of staff and interesting she did not meet with the president but she's the democratic governor from the elmore spire state and governor hoche el came to ask for -- hochul asked for more federal assistance with the surge of migrants all over the state and estimated at least 100,000 migrants arrived in the big apple within the last year. major business leaders among those urging the white house to take action following the meeting the administration is
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taking steps to shorten the amount of time migrants need to secure work permits and believe that would help move a lot of people out of the traditional housing they've been in right now with temporary housing. the fed is dispatching resources for health and human resources and hud and interior all trying to offer support and more conversations to go and white house asking for about $600 million to shelter their need and the governor did not speak with the press corp. after her might and did sit down with new york 1 to talk about what was on new yorker's minds. the facilities in their neighborhoods. >> this is a whole new dynamic for residents for new york and exasperating for them. >> the white house says it's up
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for congress to come up with immigration reform and house republicans say they believe it's the policies coming out of the white house with dhs and fueled this crisis. stu. stuart: mark meredith, thank you very much indeed. it's that time when we try to give you a sense of the stock market and we show you all 30 of the dow stocks and that's a pretty clean cut division, isn't it? that's an almost even split, 50/50 and dow is going nowhere. 34,900, up 13 points. you've seen them, all summer long grilling outside the all american concert series and watch this, please. roll it. >> sliders on the series grill and everybody needs to pitch fork their barbecue when they're doing it. stuart: i wish i had an accident sent like that. accent like that and the mclemore family is here, john and john, by the way, they're
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♪ stuart: i like it. all right, i definitely like it. that is sarah evans. born to employment all right. you're looking at jackson hartsfield, whatever it is. atlanta airport. 80 degrees and we're showing you that airport because american airlines flight attendants just voted to authorize a strike. are they about to walk out, ashley? ashley: not yet, but the vote does give union leaders the authority to call for a strike and move closer. it's all designed to put pressure on the carrier during negotiations over pay raises and the association of professional flight attendants says more than 99% of its members have agreed to the strike option and american flight attendants haven't gotten a raise by 2019 and the union demanding a 35% increase in pay along with a 6% annual increase moving forward along with more sick leave and vacation pay. not a bad deal. iatric though not imminent and a
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walkout given the green light by the national mediation board and only after a formal 30 day cooling off period. there's a little ways to go. southwestern airline pilots on the picket lines and you showed as chicago and los angeles and baltimore and washington and they're outside right there and holding up picket signs and pilot association say they have been trying for three years to reach an agreement with pay and benefits and dragged on and they say that more than 200 pilots have already left the care yore since the beginning of the year. the dispute goes on. stu. stuart: thanks, ashley. now this. how much are you going to pay for your labor day barbecue? good question. we have the experts with this. none other than the mclemore boys. john, and john senior. they're not brothers, they're father and son. >> i like the brother idea.
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>> i you would, wouldn't you? you're young. i understand that some things are going to be cheaper like steaks, pork chops, and bacon. am i right? >> yes, and i've been waiting to steal john's line. he said don't do this to me, but this year compared to last year is going to cost the average family about 11% more than last year. >> that's a 10 person cookout. >> it's 11% more this year than last year. stuart: so some stuff has got to be more expensive. >> it is. generally if you're doing a full barbecue, it's kind of the rule of thumb there, but some things are cheaper and we recommend doing larger cuts of meat, going to pork chops, pork roast, buy in bulk. buy in bulk so that way if you obviously serve your large barbecue lots of food and we're big leftover fans and we've got a cook book coming out and part of the section is leftovers. that's a key to saving money also. stuart: i'm a leftover kind of guy but one thing i guarantee is more expensive is alcohol.
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>> alcohol is more expensive. cheese is number one on the list. your eggs are still way up there. >> still way up. >> anything dare is a lot more -- dairy is a lot more expensive. do like the mclemores do and cook all meat. don't worry about all the other sides and cut down on your supplies for the weekend. stuart: vegetables not big for the georgia boy s? >> they are though. weird going to have to plastic surgery because when we have a cookout at mclemore house, we have somewhere between 10-50 people. it ranges. if our whole family and friends come over, we're serving a lot of people. i don't think is really matters what you're cooking as long as you spend time with family and friends and great labor day weekend and closing out summertime and thanks for having us but got up at 3:00 this morning speaking of atlanta airport to come here and they told us you weren't going to be here tomorrow and coming back home tomorrow. we'll bring you food. stuart: i am going to be here tomorrow and cash in with the
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free food with you guys on the square. we'll do it. >> we'll be here in the morning stuart: what are you serving tomorrow? >> we've got five recipes and bacon mac and cheese, baa con wrapped food, baa con egg and cheese -- bacon egg, and cheese cup cakes and the smack smash burger and saturday we're doing another "fox & friends" weekend hit on saturday morning is national bacon day. and it's national tailgate day and college football coming up at this year. this weekend is like college hoops. it's not excited for college football. and barbecue is great. stuart: i didn't put my hand up. soccer guy, premier english soccer. >> is that the little round ball. there's that southern accent and start it had out. stuart: give me lessons on how to speak. >> all tough do is just slow down. stuart: slow down. let me read this on the
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prompter. country star matt young is the band tomorrow. how's that? >> that's perfect. stuart: it's not. >> it's perfect. i'm going to agree with your kids to stop. stuart: the family hates it when we try to imitate state queens and i cannot lose it. >> you can't. stuart: got to come down. >> come live us with for about a month and we have you on a tractor, in some boots with a cowboy hat. stuart: i've got all that except the cowboy hat. one thing i don't have but i have a tractor and boots. >> i will say thanks for having us on. we enjoy having you come out on fridays for the concert and eating our food. fox has always been gracious to us and i've been coming here to about 25 years and john and i are coming out with a cook book next year and i could not be more excited about closing out
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and we have an event coming up in columbus georgia for the wake to warriors and joey jones is hosting it. stuart: he's my kind of guy. gentlemen, hold on for you guys. john and john mclemore. it's time for the thursday trivia question. what's the most watched tv event ever that police pursued for oj simpson and the richard nixon resignation speech and the apollo moon landing and the answer will come when we come back. ♪ ..
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stuart: we asked what is the most-watched key event ever, don't have time to read them out. >> number 5, stuart varney's show on fox business. stuart: thanks. number 2. ashley. ashley: number 2. of the when you are wrong. i was going to go with mash. it was the moon landing. out of time. coast to coast starts now. ♪

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