booze or something like that. -laugh we're talking about coffee here. you want your parishioners to be alert, pay attention. nothing wrong with having a cup of cappuccino or -- >> no. maria: don't order cap chief know for lunch when you're with italians, it is not good. i had that mistake, i made that mistake. >> so as a eucharistic minister, when mark comes up to me in church, aisle go the body and macchiato of christ. [laughter] maria: love it. we are to 30 minutes away from the market, down 95 on the dow industrials as interest rates continue to upset e investors who are looking for alternatives with 5 on the 10-year. thank you, mark tepper, todd piro, tiana, lowe. stu, take it away. stuart: good morning, everyone. talk about a reversal, president biden will build a border wall. okay, only 20 miles of it in

star county, texas, but border czar mayorkas says there's an immediate need of physical barriers. perhaps the president is trying to look good just as republicans embarrassed themselves. the wall announcement came just as the matt gaetz fiasco rolls on. without a speaker, the house can do very little and will have to wait until next week to replace kevin mccarthy. expect the democrats to exploit the republican dilemma. conservatives not going. -- got nothing. the rapid rise in treasury yields has fueled a stock market selloff. this morning those yields are pulling back with. we're down to 4.73% on the 10-year, they'd been lower than that, and the 2-year hovering at 5.03. so far though there's been no stock bounce. the dow down ab 80 points at the opening bell, nasdaq down about 25 at the opening bell. no idea where we close today. bitcoin, that's held up nicely,

time to look at gas. regular averages $3.76, ask and look at california. it's dropped well below $6 a barrel, $5.93 in the formerly golden state. diesel, no change, $4.55. all right, politics. two new polls, a q poll in pennsylvania has trump beating biden by 2 points. that poll was taken before the matt gaetz fiasco. in new hampshire talking about key haley has moved up to second place, governor desantis has moved down. trump retains a commanding lead. on the show today, what's this? pirates in san francisco baysome yes. it's not just the streets of san francisco that are out of control. and what happened when a swim meet scheduled races just for trans athletes? nobody showed up. a special category solution didn't work. thursday, october 5th, 2023.

"varney & company" is about to begin. ♪ ♪ ♪ people, gather round, send it back to you ♪ stuart: you know, our producers are really cool. this song is climbing up the wall just as we announced the president wants to build 20 miles of wall on the border. well done, producers. all right, let's move on. it's thursday morning. the administration has made a major reversal a. yeah, they're going to construct a little wall on the border. lauren, take us through this. lauren: i have been shocked so many times this week. this is the latest. talk about a 180. this marks the are first time the biden administration will use its powers to, yes, construct new border wall. that's something candidate biden said would never happen. remember this?

>> trump campaigned on build that wall. are you willing to tear that wall down? >> there will not be another foot of wall constructed in my administration, number one. number two, what i'm going to focus on and the fact is that minute in this group written a lot about the border. i'm going to make sure that we have border protection, but it's going to be based on making sure that we use high-tech capacity to deal with it. and and at the ports of entry -- >> [inaudible] lauren: not only did the dhs secretary the, mayorkas, now admit there is, and i'm quoting, acute and immediate need for a barrier on the southern border, the administration has also waived 26 the federal laws to get the construction going. environmentalists are really mad right now. so 20 miles of wall will be built in star county in texas, in the rio grande valley. that area alone has seen 245,000

illegal entries this year. the proposal describes the wall as a large -- embedded in a a concrete base with gates and cameras. of course, many of those materials already paid for from the trump administration and baking in the sun. and i think donald trump is baking in the galore ily that the wall -- glory that the wall might have been a good idea. stuart: dangerously close to sarcasm right there. lauren: i know. stuart: that was very good. thank you very much, indeed. bill mcgurn joins me. the timing of this border announcement, the politics of it, go through it. >> well, the politics of it is that that right now even democrat politicians, some of the congressmen on the border and mayors, democrat mayors across the country are saying you've got to do something. now, most of them don't call for the wall. but until you cut off the inflow at the, they can't deal with the

people that they already have here. i mean, work permits all that might make sense if this was the population you're dealing with and that that's it. but when you put hem in without covering the border, then it just creates another incentive to come here. so i think it says that the biden administration is reading the polls and and looking at 2024 and realizing this is a big problem for because this is humiliating for them to go back like -- it doesn't matter. he said not a foot of wall, you know, it's like his pledge in the debate, we took no money from china? you know, he says these categorical things, and for him to put up with that embarrassment says that they're reading that they're that trouble. stuart: and he makes the announcement just as the republicans are in serious trouble in congress. another one for you. bill, president biden was asked if he had any advice for the next speaker.

roll tape. >> reporter: what's your advice to the next house speaker? [inaudible] stuart: okay. bill, you wrote, republicans cut off their own heads. the gang of eight oust a speaker with no plan or -- no plan in place, and now the president's laughing at you. what an awful situation. >> no, he's right. stuart: he's right in. >> don't interfere when your enemies are destroying themselves. this is amazing to me because they did what they did, eight republicans, they're not saying here's a better candidate for the job, he would do a better thing. they said let's shoot our leader in the middle of a battle and somehow we'll come out stronger. it's really crazy. and, you know, one of the raps

on kevin mccarthy was that he worked with democrats, but thesa democrat ouster. you know, the majority of democrats didn't come to the aid of kevin mccarthy, so democrats plus those eight republicans that got mccarthy canned. stuart: and conservatives got nothing. >> nothing. stuart: nothing at all. zero, zilch. bill mcgurn, thanks for being on the show. >> thank you. stuart: i think we agree on this one. [laughter] to the markets, please. it is thursday morning. i see red, not a whole lot of it. the dow's down maybe 100 at the opening bell. adam itemson with me morning. -- johnson with me this morning. does all this chaos in the markets affect -- this is real chaos. >> i think the reason why we are seeing chaos in the market right now is because of the chaos in washington. and i say that because, you know, the story has changed. over the past several months, it's within inflation and rate hikes. well, guess what? inflation, which was over 9%, is

now down to 3.5. consumer prices, right? the fed has paused. so i would argue that actually inflation and fed rate hikes are rearview mirror. is so you say to yourself, well, but why is the market going down now? this is why. stuart: isn't this a big player? >> washington is headless. stuart: really? >> there's no leadership in the white house and sadly now there's chaos in congress. that's a problem. stuart: but these historically high interest rates -- >> yeah. stuart: -- whether it's mortgages or treasury yields, that's surely not good news for stocks. >> oh, well, of course. stuart: but going forward it's not good news. >> no, it's not good news for stocks. the reason that stocks are down is because bond yields are up. and when bond yields and interest rates go up, obviously by definition it's like housing. you can't pay as much for the house or the stocks. fine. so what we need to see is for bond yields to stop going up, for there to be some sort of steadying. stuart, i actually think we're close, and i'll tell you why.

i speak to the futures traders in chicago every day. that's not what i do, right in i'm a stock picker. but i talk to those guys because they understand this stuff better than anyone. and their view is that because the 30-year yield went to 5% in the overnight session wednesday night, that was the crucial test. that, it was the high going back to 2007. they needed to see that number hold. so far it's holding. my hope is it continues to hold, and then you could actually see some relief on bond yields, and that in turn will help stocks. stuart: okay, so we have to wai- >> it's a process. stuart: you're with me for the hour, so we'll discuss this ad nauseam. >> yes, we will, no doubt. stuart: president biden's taking another stab at student debt forgiveness. he has approved a new land -- lauren: just like that, canceling $9 billion in student debt for 125,000 borrowers. he's tweaking a number of programs like debt forgiveness for those who work in public service, those with

disabilities, etc. biden says these borrowers can now start a family, start a business. it's life-changing that they don't have to pay these loans back. but it's unfair to all those who did pay their loans back. and, you know, what message is he sending right now? because what just started days ago? you haven't paid your student debt for three years because of the pandemic and you just started repaying. are borrowers going to say, well, he's probably going to come up with another plan, why should i even bother to repay this debt? stuart: fair enough. lauren: that's the message that's being sent, that he's going to do everything he can to get all those young people out of what they committed to, paying back that debt. stuart: yes. but he's also trying to look good in the eyes of voters whilst the republicans look really bad. lauren: 100%. he's making your life easier. he's making these life-changing moves while, you know, congress is paralyzed because of republicans. stuart: it's perfect politics. i don't blame the man for exploiting the republicans'

dilemma. >> well, yes. and buying votes, by the way, by saying, oh, we'll forgive your debt. stuart: that helps too. lauren: this was brought to me by one people, they say old looks a lot better than crazy right now. would a voter take the age of the president of the united states and all that comes with that over what they're seeing in congress. stuart: nicely put. very good argument, and i'm not prepared to answer your question. [laughter] check futures, please, real fast. we're down across the board, down 90 on the dow, 30 on the nasdaq. coming up, nikki haley surges past ron desantis e in new hampshire and south carolina polls. trump still maintains a strong lead. we'll get into that. jim jordan, steve scalise wan to be the next speaker, but what happens to the man who started it all, matt gaetz? i'll ask new york congresswoman claudia tenney after this. ♪ ♪ ♪

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and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. stuart congressman steve scalise and jim jordan have both put in their bids to become the next speaker. aishah hasnie join me from capitol hill. by the way, is anybody if else looking to jump in? >> reporter: all eyes are on kevin hearn right now. he hasn't made an official announcement. he's the chair of the republican study committee, and this is the largest group of house republicans. so he does carry some influence and weight. but apparently he's still making calls, personal calls, to even of these house members -- each of these house members to sort of gauge interest before he makes perhaps a similar splashy, big announcement like scalise and jordan. in the meantime, we aren't

expecting an actual vote at the earliest until next wednesday. they're the all going to come back tuesday. they were sent home to sort of cool off, and congressman garrett graves told me yesterday he actually doesn't thinkable this is going to happen quickly, he thinks it could take several weeks. listen to in this. >> i believe that if we had gotten back together as a conference, you literally would have had physical ifaller the occasions in the room. there's raw feeling, animosity, i don't think there's consensus behind any one candidate. i think before we jump into that what's more appropriate is that we actually focus on rule changes that provides more stability to the office of the speaker. >> reporter: yeah. i mean, here's the thing, stuart, who's going to want the job if they can just be ousted like speaker mccarthy, the former speaker, rather? some groups are demanding the conference change that one-person threshold for the motion to vacate before they support any candidate. meanwhile, legislation at a standstill.

congress cannot pass a budget. that's due this less than 45 days. and we may actually see another top gap bill that needs democratic votes that hits the floor. also house republicans now say they are moving full steam ahead on the biden impeachment inquirely. they say all their previous subpoenas, those are still valid, but some folks are wondering if the administration is going to play ball, feel compelled at all to respond to any of these old or any new subpoenas. practically speaking, stuart, this is all very uncharted territory, and people are moving very cautiously through these next couple of days. we don't know, patrick mchenry could be around for a while. [laughter] stuart: you just have to deal with a little chaos, aishah. that's a all you have to do. >> reporter: tiny bit. stuart: thank you very much. new york congresswoman claudia tenney joins me now. what are you going to do with matt gaetz? >> there's nothing we can do. the voters of florida's, i think 1 district, elected him, and

that's where he stays. look, i knew this was what was going to happen. and, by the way, if you change it back to have requiring more members for a motion to ray candidate, it doesn't matter -- vacate. it all comes down to the vote on the floor. we had one vote required before nancy pelosi was speaker in the last round. it's really about the vote on the floor. my son, thankfully, is a marine. i never got endorsed by the republican party ever because i was disease was conservative. i had to fight, scratch and claw my way to bin. -- to win. i am probably the most conservative to serve in new york, and my son said, mom, this is not a debate club. this is a war, and you these to read sun suh to get you through this. he famously said tactics without strategy is the noise before defeat. and he really brought down the house.

we are shut down. i'm in washington. we are going after joe bide -- we aren't going after joe biden and his corrupt administration. we aren't doing anything because with matt gaetz is doing a victim victory lap and monetizing this position and making money. i cleaned off matt gaetz and nancy mace e-mails among other members who voted. this is just unethical to monetize this. they should not be with doing that. honestly, i just think it's terrible. stuart: glad you're on record with that, because i think you've got a lot of agreement from a lot of your colleagues. the administration, as i'm sure you know by now, has reversed course. they will allow construction of 20 miles of border wall. you've got a migrant problem in upstate new york. do you think that 20 miles of border wall will do anything to help? and another question, why do they announce it nowing or right after the gaetz fiasco? >> well, first of all, it's not enough. we had over 400 miles put up by president trump to lie there and rust.

wasted taxpayer dollars. it cost us money to not build the wall. what a lot of people don't understand is if you go to the to the border, if joe biden and kamala harris would go to the border, have the border agents show them what's happening, why you need a wall, it slows down the migration and gives the border agents the chance to find out and catch up to people who are malignant coming across our border. not everybody is, but if you're really well intentioned, you would go through the legal parts and go for a true, you know, sanctuary policy that we have to give people a chance to get real, valid asylum claims. the vast majority aren't doing that. the question is when you get to new york, we have a northern border, and kathy hochul's saying, oh, come, not only are we going to house you, food, everything else, they probably get obama phones, we're going to house you as a well and get you a job. and we have 100,000 people coming in to new york state which is very small compared to texas. this is absurd. and the reason they're doing it in a 2 to 1 democratic state

like the state of new york, over 80% of all polled want the governor and joe biden to do something about the border. this is the issue. while we're focusing on voting against single-issue bills, republican wins and just taking a stand because he has a personal conflict with kevin mccarthy, we aren't focusing on the urgent needs of our constituents and our country. we have a 4-seat majority include

way, that we need to stick

together and show the senate and the administration that we're serious and that we're going to stand up for the american people. let's hope with a new speaker we can do that. stuart: i hope it works. claudia tenney, thanks very much for being with us. much appreciated. >> thank you. stuart: by the way, new york city wants to suspend this right to helder law. lauren, let me go through this -- shelter law. what would that mean for migrants already in city shelterses? they stay? lauren: i imagine they stay for i think it's 30-60 days, but the new migrants would have to find somewhere else to stay. it could be a subway, the streets or, oh, another city and state which is exactly what mayor eric adams wants. stuart: but it's not gone through yet. lauren: no, no. stuart: if that goes through, it's stopped, new migrants do not have the right to shelter. lauren: it's a state of emergency right now in new york city. so the may mayor is asking them

to suspend the law while we're in a state of emergency because we can't handle the 12 2,000 migrants that have come in to the city. we can't do it. and where is he right now? he's in mexico and latin america telling migrants, don't think about coming to new york city because we can cannot guarantee space for you. stuart: thank you, lauren. check futures, please. thursday morning, a little bit of red, not that much. we'll take you to wall street for the opening bell next. ♪ ♪ you're the lucky one ♪

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stuart: the markets open in two minutes. the the dow's down 30, nasdaq's down 10. show me the 10-year treasury yield, please. it is down at 4.07. %. eddie ghabour with me now. yields on treasuries are still at historically high levels. are you predicting a stock market selloff before the end of the year? >> stuart, look, i would argue the selloff has already started when you looked at what's happened since the end of july. we've erased a lot of the gains

from the summer. and if yields go up and continue to go up, i think you're going to see more downside. and we're at a very critical juncture right now. the the big short-term target i'm looking at is inflation next week. if that comes in the hot, you could see the 10-year spike back up. and if we breach 4200 on the s&p, which is a critical point for us, i think you could quickly see it go to 4,000. being active ask and staying cautious i think right now is something investors need to do, because just staying diversified and doing nothing has not worked for the last 22 months, and it's not going to work, in my opinion, for the next 6 months. stuart: we've got the 6-month treasury yield at 5.56%. again, eddie, i don't see what's wrong with that. tell me where i'm wrong. >> you're not, stuart. we have well over 70% in short-term money markets that are yielding nearly 5%. investors are getting paid to wait and be cautious. i don't understand why you need

to try to rush in and be a hero. if you're early to the start of a bull market and you're wrong, you could be down 10-20% from here. so i'd rather be late than early to protect my clients' capital, was that's my number one as a fiduciary, in my if opinion. stuart: rather be late than early. the great eddie ghabour. i'll quote you many times, eddie. thank you very much, indeed, for joining us. the button was just pressed. they're having fun, and the cow has opened on the -- the dow has opened on the dow side. when the dow 30 has opened, as they will, we'll show you what's going on. right now we're off 50 points, just above the 33,000 level. s&p 500 also on the downside to the tune of .13%, not a huge loss. nasdaq composite also low lower, i believe, but only just, .07%. flat to lower e at the opening today. big tech, we show it to you every time the market opens, and this morning everyone even split.

alphabet, amazon and meta are down. no huge price movements for my of those stocks. now this, regulators in britain are investigating microsoft and amazon. what are they supposed to have done wrong? lauren: well, they're too big and they're just too powerful. i pulled up this list this morning of all our big tech companies that are under investigation in europe. britain's antitrust authority, they're going to spend 18 months finding out just how big and powerful these two companies are. specifically amazon's cloud, aws, and microsoft's as your. do they no -- azure. it's really difficult to switch cloud providers, so they just stick with one and that is the, apparently, a monopoly. it's estimate thed that the two together in the britain have a 70-80% share of the cloud market. but for microsoft, this is another to blow because this same u.k. authority said, oh, cloud gaming, activision blizzard, they had a problem with that at a first too. so like i said, i printed out

all these pages of all the problems that europe has with us us. stuart: that's a long page, okay? adam, i know you like microsoft, i think you own it. >> oh, i do. well, you know, the europeans approach antitrust very difficult -- differently from the americans. in america we worry about consumers not getting taken to the cleaners, right? but in europe they want to preserve competition among businesses, and big microsoft makes it very hard for a little start-up to do the same thing. i i disagree with that. i'm thrilled that they're closing the deal with activision, by the way, and they're going to start integrating chatgpt, by the way. so just you as a user -- stuart: if you're under attack from the powerful european regulators, i think that's a problem going forward. not that i'm going to sell my microsoft, but it's going to limit profitability. >> it creates a headwind, but it's not something that worries

me. stuart: okay. >> honestly, it doesn't. it's a headwind. lauren: it's legal. stuart: if i was a shareholder of chlorox this morning, i'd be very worried because it's down 4%. but the reason why it's down is truly shocking. tell me. lauren: a hack attack. it happened this august, and reports say it's from scattered spider. what is that? the same group of kids that took down the casinos, mgm if and caesar's. chlorox is warning that sales could fall because of this as a much as 28% because the hackers got into the system, and they disrupted the infrastructure. finish they took systems offline. the company had to literally manually process orders. so if you're at the food store, you might see there's not enough pinesol on the shelves, chlorox wipes. there are reports that this nationwide shortage of products because the hackers got into their system. stuart: that's extraordinary. i've not heard of that before. i know they hacked into mgm i

think it was, seize caesar's -- >> and if you're chlorox and you can't make more bleach, but imagine if a u.s. utility got hacked or airplanes are trying to land, and all of a sudden the lights go off at the runway? stuart: maybe we should look at sign sheer security stocks -- cybersecurity stocks -- lauren: why chlorox? i get the casinos, a lot of money going around. >> because they could. stuart: true. mcdonald's, i know they brought back the mcrib, i believe, and they're raising the dividend. what's the dividend hike? lauren: it's going up 10% to $1.67 for shareholders paid out on december the 15th. they have had a steady dividend for the past 47 years. this is all a positive for their growth strategy and, yes, you're looking at the mcrib -- >> love it. lauren: it's sort of part of this growth strategy because it has this crazy following, and they teased us they weren't going to offer it anymore not even for a limited time. and guess what? it's coming back in november.

i had one once. stuart: a rabid following. >> little known fact, why they do it this time of year? because rib prices go down, pork prices go down at the end of the summer because barbecue season is ending. so they're able to buy pork on the cheap. lauren: that's genius. stuart: let's follow up on to semi pick -- to semipick. is it hurting walmart's food sales? lauren: unbelievable. stuart: is it really in. lauren: absolutely. a walmart executive told bloom bloomberg that ozempic is causing a slight pullback in the overall basket of food items that walmart sells. walmart also sells through its pharmacies ozempic and the other weight loss drugs if you can get your hands on them. morgan stanley predicts 24 million people will be on some sort of weight loss drug by 2035. stuart: oh, that's way down. lauren: okay. [laughter] i think it seems like a stretch, but it's actually terrible news

for the food companies because if you're eating less, you're buying less food, so what are mondelez and all the food companies going to do? smaller packaging. >> maybe diabetes will go down, right? eat less of of that garre gang -- garbage. stuart: i can't believe a connection between ozempic and walmart, which is a giant company -- lauren: walmart is a food store, and they're telling us they have all of this visibility into what people buy, and people are buying less because they're on those drugs. stuart: ozempic users shop walmart. aye got to move on because i'm out of time. you've brought your stock picks and again you've come back with jovy. >> this is a company that's making electric drones with six rotors that can carry sick passengers. they just delivered the first one ever made in the world to the u.s. air force, it's being tested at edwards air force base, and they also have

announced plans to break ground with on their new production facility in dayton, ohio, near where the wright brothers flew, by the way. they're going to make 500 of these per year. for the cost of an uber, it'll take you from midtown manhattan out to jfk or that guard ya. yes, i own it. it's backed by microsoft -- by intel, toyota and softbank. stuart: okay. meta, you also like them. >> i do. stuart: holding above 300. >> yep, i'll tell you why. number one, they are laying off people in the meta verse, they're over the metaverse. number two, they're going to possibly charge $14 a month for ad-free news feeds. that'd be interesting, won't it? stuart: it would. and it's holding at about $300 a share. adam, thank you very much. coming up, don't forget to send in your friday feedback. e-mail to varney viewers varneyviewersfox.com. president biden laughed off a question about the chaos in the house of are representatives.

the republican party is clearly divided. does that hurt the gop in the 2024 election? good question, or we'll consider it. mortgage rates keep climbing. now there are concerns we could be in for a total stall in the housing market. they're calling it a housing freeze. a report on that next. ♪ ♪ and i'm going home to the place where i belong -- ♪ where your love has always been enough for me ♪ (♪) we're lucky to have this team working for us. our therapists give their all each day, by helping those who need it most.

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stuart: all right, happening right now day two of the health care strike. ciez or permanente union workers including nursing, pharmacist, therapists, lab technicians, they're all walking the picket lines. more on this throughout the show today. mortgage rates on the rise.

gerri willis is with me. if i go out right now and buy a home for $400,000 and i put 20 down, how much more am i paying per month today than i would if i'd have bought it at the beginning of the year? >> reporter: difference is $351 each and every month. stuart, that's $4200 a year. if you held this mortgage for 30 years. nobody does, but if you did, that's $136,000. amazing. so mortgage rates, obviously, spiking higher. we'll get new numbers at 10, but a survey from there bankrate putting rates at 7.9% while freddie mac puts them at 7.31%. these are the highest we've seen in 23 years. folks are paying more, as much as 42% of their income, for housing. personal finance experts say you shouldn't pay more than a third of your income on housing because high? well, it jeopardizes husband hold stability. let's look at the -- household

stability. let's look at the map. if you buy a median-priced home, $470,100, and how you put down 20% -- if you bought the same home a year ago, your monthly more gang would be $2265. had you bought three years ago if you were really intelligent when rates were hovering at low of just 2.9%, your mortgage payment would be $1689, and that is a 42% difference from today. look, rising mortgage rates are keeping buyers out of the market. mortgage applications at their lowest level since 1995. holding out, waiting for rates to come down, that hay be a bad strategy -- that may be a bad strategy. economists see rates staying elevated. look, the situation's actually creating a new opportunity for some start-ups helping buyers to assume the low rate mortgage of

the seller. that might be a solution for some folks out there. stuart? stuart: that's what we used to do back in the '70s and '80s when you were lacking at 10 and 12% mortgage rates. gerri, thanks for being with us. now, commercial real estate investment, they face sharply higher interest rates and declining property values. we've got a real estate guy with us, back with us on the show this morning. i don't see any way around a sharp decline in commercial real estate values. no way around it. and i believe it's happening, started already. can you give me an example? >> sure. there's one transaction that we're looking at in the san francisco market. today would have sold somewhere in the neighborhood of a billion and probably today in the neighborhood of the low 200s. stuart: what? down 80%? >> down 80 something percent. >> oh, my gosh. >> you're probably talking between work from home, interest

rates,es all the damage, i'd say the commercial office real estate market today is probably for an investor worse than the great depression. stuart: that bad. this has to ripple out. does it affect the banks and the overall economy? >> to the -- at the end of the day, yes, a lot of banks are going to be holding the bag. a lot of investors are gowz doing -- going to lose value. right now the industry is sort of a bit frozen because so many of the owners are keeling with the -- keeling with the problems they have. even ourselves, we sold about 27, 30 office build, and we still got stuck with 3, and just those 3 can keep you busy. so you can only imagine people that are an entire company office portfolio, how dizzy they are, preoccupied they are licking their wounds, so to speak. and, you know, it's further magnified by interest rates. stuart: i mean, that's commercial real estate and office buildings, i got it. i mean, most people can understand what's going on there. where is there a bright spot?

industrial real estate in. >> probably politically driven, it's probably industrial, what's happening right now. one of the things you and i have talked about in the past is just the world going from unipolar to multipolar. you have the g7 plus against call it the brics plus, and you have all these different nations coming around. you saw at the g20 summit they wouldn't even agree on russia. so each country and each nation now is starting to think in a more protective way. even's worried about military conflict, other conflict. as a result, so many people's concerns about conflict if one day in the maritime seas in the indo-pacific, so many people are bringing the jobs home, manufacturing things in their home bases. and so you're seeing an explosion in demand for industrial real estate. here in the united states you're seeing an explosion in mexico, mexico's a market i've talked about for many, many years. right now they are probably the single biggest beneficiary of a conflict with china. and last but not least, where

we're ec e teamly active is the data center business. a.i. and that demand for so much speed. so there are bright spots out there, as you alluded to. stuart: excellent. joe sitt, come and see us again soon. got it. coming up -- no, i'm going to stay on real estate. california remains the top spot for the most valuable real estate market. that's according to zillow. new york was number two. was. not anymore, lauren. lauren: florida scoots into the number two spot. astronomical growth in main cities there, tampa, miami, jacksonville and old. orlando. all up over 70% since covid. so if you look at the california real estate market, that's worth over $10 trillion. then you have florida at $3.8. and look at new york at 3.6 trillion. texas and new jersey round out the top five. look, florida's popular, i get it. we've done that story. but what does this say about new

york, right? stuart: exodus. lauren: mass exodus. >> well, bad policy drives people out. stuart: it sure does. >> you know? leadership matters, and unfortunately, we don't have the right kind of leadership in this city. or in the white house. stuart: we sure don't. lauren: they keep increasing taxes, and and new yorkers are voting with their feet going to florida where there is also better weather. [laughter] stuart: don't we know that. thanks, lauren. coming up, when you look at the republican party today, what do you see? civil is war. that's not an attractive image for any political party, especially 14 months before a presidential election. that will be the subject of my take at the top of the next hour. united auto workers' strike costing the automakers hundreds of millions. at least one automaker taking out more lines of credit, quote, in the face of uncertainty. hmm. we'll tell you the latest on negotiations after this. ♪ ♪ hotline, hotline, calling on the hotline for your love, for your love ♪

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deal. grady trimble with us. grady, i'm curious. how much is this costing the automark makers? >> reporter: stu, general motors tells us they think the strike has cost them around $200 million in the last 15 days of the third quarter when the strike started on september 15th. and, yes, you touched on it, those losses are only going to grow if the strike drags on because with we are now three weeks in, and general motors is at least preparing for the basketball that the strike is going to continue. one sign of that the automaker says it secured a $6 billion line of credit saying they're being, quote, prudent in the face of uncertainty. and ford says it's temporarily laying off another 400 workers at two plants in michigan. the automaker saying these layoffs are a consequence of the strike at chicago assembly plant because these two facilities must reduce production of parts that would normally be shipped to chicago assembly plant.

remember, the uaw expanded the strange targeting that ford plant in illinois and a gm plant in michigan. each of them makes mid-sized suvs. if talks aren't going well, the uaw could hit more profitable pickup trucks and larger suvs next. we are expecting an update tomorrow from uaw president shawn fein on how the talks are going. we don't know, stu, when he's going to ramp up this strike again, scale it back with, keep it the same. we will be tuning in to a facebook live from the union president tomorrow to see what's as talks with all three automakers continue. stu? stuart: grady, thanks very much, indeed. this is taking a toll on the automakers -- >> yeah, it is. stuart: long-term problem? >> no, it's not a long-term problem because strikes always get resolved, but, you know, it's weighing on the shares. i'm happy to own it at six times earning, it pays about a 4% earnings, we'll -- dove den, we'll bet -- dividend, we'll get

through it. electric vehicles are going to increase their profitability significantly because they're cheaper to make. stuart: okay. we're dying to see that. adam, thanks for being with us. thank you very much. still ahead, florida congresswoman kat cammack on what the9 house is going to do with matt gaetz, jason rantz on portland, warning people not to call 911 unless they're at risk of death. steve hilton on whether the speaker race will hurt republicans in 2024. and former border patrol chief rodney scott, he ponds to the 180 from the white house -- responds to the 180, they will now allow border wall construction, just a little bit. the 10:00 hour of "varney" is next. ♪ ♪ ♪ limu emu & doug ♪

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