>> i don't think markets know how to respond right now because there's such a difference between what's talked about and what happens, so you got to wait for the meat on the bone. >> nvidia with has all the momentum, but broadcom is building these custom a.i. accelerators. i think for people playing the long game, there's a buying opportunity in the market. >> it's really important for donald trump to say, here's what we're going to do. yes, there's going to be disruption, but here's the point of it all. and, boy, did the democrats luke stupid. >> it was probably the most effective speech of his career up til now. first of all, it showed how much he's already done in the first few weeks. it outlined a direction for the country. >> last night was a call to action by president trump to the senate. democrats aren't going to help us. they showed that last night. sadly, they want to sit on their hands while american families face a massive tax hike. >> he wants to be a president of peace. president trump is ready for zelenskyy to come to the table when he is serious about negotiating about peace. ♪ ♪

stuart: oh, is this the new beatles song? yes, it is. released about a year ago, i think. first basings' release since, i guess the 1970s. it's a great song and i like it. it is 11:00 eastern time. wednesday, march the 5th. yes, folks, it is the first day of lent. back to the markets. we've got the dow now up just 57 points, minor losses for the s&p and for the nasdaq. breaking moments ago, something that i thought would have been more positive for the market, but it's not quite turned out that way. a source tells fox business that president trump will speak with both canada's prime minister trudeau and mexico's president, claudia sheinbaum, later on today. no response on the market. show me big tech, please. mixed picture. amazon, microsoft up. nvidia, alphabet, apple down. what's the yield on the 10-year? up slightlied today, just above 4.25%. now this.

the president delivered a rousing speech last night. the response of the democrats was anything but rousing. at times i'm going to call it cringe-worthy. just a few minutes in, democrat al green stood up and waved his cane at the president. you have no mandate, he shouted. he wouldn't sit down, kept waving his cane and was eventually escorted out of the chamber. does anyone think that this kind of in your face disrespect for a president is okay? with the other democrats, it seemed like they just didn't know what to do, so wave little paddles in the air saying false or lies or save medicaid. that really -- that just fell flat. it seemed juvenile. small people throwing a tantrum. and then the president honored some outstanding americans, family members of laken riley and and jocelyn nungaray, young women killed by the illegal -- allegedly by illegal migrants. mark fogel, the american teacher sprung from a russian jail. most emotional, the young man

with cancer who always wanted to be a police officer. the president made him an honorary secret service agent. the democrats sat on their hands. they couldn't bring themselves to applaud a boy with cancer. the media was just as bad. msnbc's rachel rachel maddow accused our trump of being disgusting, her word, for spotlighting a boy with cancer. the terrorist responsible for the if abbey gate bombing, the republicans cheered, nothing from the democrats. silence. at a the end of the day, we really don't know where the democrats will take the country. there's no leadership, no policy. but the president is conducting a revolution in government. he laid it out last night. he's doubling down on it. and polls taken right after the speech showed overwhelming voter support. it was a home run for trump. the democrats just stayed on the bench. third hour of "varney" starts now. ♪

♪ stuart: shannon bream with me this morning. all right, shannon, the democrats' resistance, if that's what you want to call it, it was on dismay last night. what did you make of their -- display last night. what did you make of their performance? >> stu, you make such a good point, where's the leadership? if that's the question we all have in washington, who is the leader of the democrat party? we know there was some guidance from some leadership within the party saying, listen, let's not make a spectacle. you saw the whole thing with congressman al green raiding his wane -- raising his cane, getting walked out. it was really uncomfortable. but when you're cheering a young man who's fighting cancer, he is amazing, or talking about taking out a suspected terrorist responsible potentially for the abbey gate bombing that took u.s. service members' lives and, you know, wounded dozens more

that don't even often get highlighted, you would think there could be some unity on those things, some cheering and clapping for those. i mean, it's very much the feeling here that democrats, they feel resigned to the fact that they've got four more years of president trump, and for now they're in the minority and don't really have a lot of ways to effectively push back. stuart: earlier this morning the supreme court ruled that the trump administration must pay out the $2 billion earmarked for foreign aid. does that mean trump has to pay this and also does it set a precedent for other money that trump does not want to have spent but which he must now spend? >> well, this was specifically about this foreign aid that number of these groups had sued over. so it's about $2 billion in play here, and what the lower court judge said was, yep, you've got to pay it out. there was a very long, very meaty dissent written by justice

alito saying this one judge has way overstepped his bounds to do this. this is hue -- it is hubris, it is not legit, so again the chief justice and justice barrett sided with the three democrat appointees. what they told this lower court judge is now the supreme court's sending it back saying, okay, you need to exactly spell out which of this foreign aid has to go out and when, so now the trump administration waits for that guidance. stuart: a bit more complex than i thought. we need a legal eagle to sort it out, and you did. shannon bream, thanks so much. back to the markets, please. a very small gain for the dow, 50 points up. very small loss for the s&p and for the nasdaq, down 7 and 17 respectively. eddie ghabour watching the markets this morning. a couple of weeks ago you said what trump is trying to do to the economy is ronald reagan 2.0. same playbook. that would be beat inflation, get interest rates down and then

look for prosperity later. is that what you think's happening now? >> our conviction on that base with case going into 2025 has increased substantially because it's not just words now. they're actually following through with action. this administration's been crystal clear on what they're going to do. they're giving us the answers to the test. scott bessent doubled down on it again this weekend. he said their primary focus is on main street and small businesses. they're not worried about wall street. so right now we're trying to get $1-2 trillion of cuts in the government from spending, trying to get inflation down and interest rates down. and president trump genre enforced that yesterday. and the reality is -- and they know it, scott bessent's extremely smart, president trump is a a businessman -- the only way that happens is by slowing the economy down substantially. and you're starting to see it in the data. this is why the 10-year yield has come down. it's coming down because is slowing at a faster pace.

so investors need to to know the answers to the test that they're giving you. there's going to be some negative ramifications from wall street on this, and we're not just going to sit here and tell clients to ride it out when that time comes. we're oversold right now in our opinion, but over the coming, weeks we will be selling rallies unless they pivot and change from what they're doing. but lastly, if we have to take a 20-25% drop in the s&p to yet our fiscal house in order and get main street where they need to be inflationary wise, sign me up. stuart: okay, eddie ghabour. we have been well and truly warned. we're going to watch9 out, okay? eddie, thanks for john -- joining us. see you again soon. >> thank you. stuart: ashley, i want to know what's happening with hims and hers. >> that's the telehealth company, down today by nearly % 3 after novo nordisk slashed wegovy's price by more than

half. novo launching an online pharmacy where cash-paying patients can order doses of the weight loss drug for $490 -- 499 per month. next up, take a look at a the casinos. wynn resorts, las vegas sands and mgm mostly higher. mgm just slightly lower. they may get another boost soon with march mad on the way. the men -- madness. the men's college basketball conferences championships begin this week, and the big tournament is up next. so that should be good for the casinos. last up is target. the retailer's been hit with price target cuts after earnings this week. obviously, capital reducing their price target to $151 from $153. nothing major, but maintaining an outperform rating on the stock while truist is cutting its price target to $124 from $134 and maintain thing a hold

rating. target itself right now at $115 a share, down 1.25%. stu. stuart: police in massachusetts are investigating a fire that destroyed seven tesla charging stations. ashley, do they think it was deliberate? >> yes, they do. and police are looking for the person or persons who set those tesla superchargers ablaze. it happened in the early morning hour hours at a shopping center in littleton, massachusetts, just outside boston. by the time fire crews arrived at the scene, multiple tesla superchargers were found engulfed in flames and heavy smoke. a total of seven chargers were damaged. authorities say that fire was deliberately set. and it comes, stu, as other tesla cars have been vandalized, reportedly all as backlash to musk's ties to the trump administration. stuart: well, that's what it looks like. thanks, ash. coming up, trump is pointing his finger at biden for soaring

inflation. >> we inherited from the last administration an economic catastrophe and an inflation nightmare. as president, i'm fighting every day to reverse this damage and make america affordable again. stuart: okay. can he do it? can he make america affordable again? "the wall street journal"'s gerry baker walking, striding into the studio as we speak. the 11:00 hour of "varney & company" is coming up. ♪ if i had a million dollars, you could help, it wouldn't be that hard ♪

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stouter -- stuart: i just want to clarify precisely who president trump will be speaking to on tariffs. today he speaks to justin

trudeau, tomorrow it's claudia sheinbaum of mexico. clarification there. let's get right back to president trump's historic address to the congress. he urged lawmakers to pass his tax cut agenda and deliver relief to the american people. madison alworth is in d.c. today. madison, what else did the president say about those tax cuts? >> reporter: hey, stuart. president trump also said to get the economy back on track for the hardest working americans, he would continue to push for his tax cuts and for no tax on tips, overtime and social security benefits. he wants to see broad-reaching tax cuts and a strong economy, one he believes he can develop by incentivizing businesses with, wait for it, favorable tax conditions. [applause] >> in addition, as part of our tax cuts we want to cut taxes on domestic production and all manufacturing. and just as we did before, we will provide 100% expensing. it will be retroactive to

january 20th, 2025, and it was one of the main reasons why our tax cuts were so successful in our first term. >> reporter: by making it retroactive to his first day in office, some analysts say this could embolden businesses to invest in projects right now without questioning whether or not they would qualify for the deduction. but democrats were unhappy with another round of trump tax cuts saying this is a handout to the wealthy. here is senator bernie sanders, his reaction to last night's trump address. >> we should not be giving tax rememberings -- breaks to billionaires. that's not what we should be with doing. we must demand that the wealthiest people in this country start paying their fair share of taxes. >> reporter: trump is set to meet today with the house freedom caucus a week after they passed $4.5 trillion spending bill that included an extension to the trump tax cuts from his first term. all this as trump also said last

night that his administration is going to balance the federal budget for the first time in 24 years. stu? stuart: madison alworth, come back to america -- not to america, come back to new york soon, please. we miss you. >> reporter: you got it. stuart: see you later. now listen to what house majority leader, steve scalise, said on this program earlier today. >> we worked with everybody for weeks and weeks to thread that needle and get the budget passed. the senate has it now, by the way. they need to do their part. they need to move, and i think last night was a call to action action by president trump to the senate to say, look, the house delivered on my full agenda. the democrats aren't going to help us. they showed that last night. sadly, they want to sit on their hands while american families face a a massive tax hike. stuart: well, gerry baker is a "wall street journal" guy, and he joins me now. are we -- this is very important for the markets, very important for the economy. we need those tax cuts to be

made permanent. is it going to happen, if your opinion? >> yes. i don't think there's any question about that. there's going to be a fight, and it's going to be fought over line by line with a majority of just two or three in the house and three in the senate, it's not going to to be easy. but the republican party is united behind this. again, there's a lot of division about the details. and the idea that they're going to allow taxes to rise because, of course, that's what it would mean if they don't renew the tax cuts, to rise by $2 trillion or whatever it is over the next few years at least at a time when there's doubt and uncertainty about the economy, the idea that they would layer that risk on top of the risks we're already seeing i think is extremely, extremely unlikely. stuart: president trump is promising to make america affordable again. he's blaming biden for the inflation nightmare. listen to this. >> among my very highest priorities is to rescue our economy and get dramatic and immediate relief to working families. as you know, we inherited from

the last administration an economic catastrophe and an inflation nightmare. [background sounds] as president i'm fighting every day to reverse this damage and make america affordable again. joe biden especially let the price of eggs get out of control. [inaudible conversations] [background sounds] the egg prices, out of control. and we're working hard to get it back down. stuart: all right, gerry. trump, can he -- i don't think, maybe i shouldn't express this opinion, but i'm not so sure he can bring inflation down significantly in the short term. long term, yes. short term, not so much. >> you're right. i very much agree. he's right, this is the inher dance he's got --er her dance, that biden -- inher or dance, the fiscal policy that biden pursued contributed to the big increase in prices. coming into his administration, president trump inherited prices

rising around 3%. i think it's going to be very tough to get that down for a number of reasons. one, prices have embedded in people's expectations. two, you know, the economy is slowing which really complicates the fed's task. the fed can't raise interest rates because it will kill off the economy, but it might need to if inflation isn't is really coming down. so there's that. and thirdly, some of the things he wants to do, his tariffs -- now, i don't think tariffs are inflationary, but they lead to a one-time price increase. and on top of that, he is planning on,, the tax cuts we just talked about, the bill would increase the deficit by over $2 trillion over the next few years. that's pumping -- pumping a lot of excess demand into the economy. if you have tariffs and are starting from a high inflation rate, very hard to see how that comes down. stuart: he's got to take the political pain short term for the long-term gain. >> that's right. applies to tariffs too. bringing industry back to the united states, it's exactly the

same phenomenon. stuart: gerry baker, come back soon. >> thanks for having me. stuart: coming up, former white house press secretary, karine jean-pierre, going after the trump team for their decision to take control of the press pool. >> what we're looking at ask state tv. >> yep. >> what we're looking at is what russia is doing. what we're going -- look at is what north korea is doing. stuart: much more coming up for you, and that's a promise. president trump applauded elon musk and if doge for rooting out ridiculous government waste. >> just reason -- listen to some of the appalling waste. $40 million to approve the social and economic inclusion of sedentary migrants. nobody knows what that is. stuart: ah, but doge is only just getting started. more on that and more with bill hemmer. he's next. he, too, is walking towards us. ♪ [laughter] ♪

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♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. so you can feel confident in your financial choices voya, well planned, well invested, well protected. stuart: on the markets this morning, we've now turned all red. dow's down 70, nasdaq is down 94 points. come back in, ashley. i want to know what's going on with thor technologies.

>> yep. it's a superhero, isn't it? they actually make those airstream rvs. and the stock sinking, down 16% after reporting a surprising loss and also lowering its outlook on continuing slowdown in consumer demand. that would do it, right? the company said it has faced continued macroeconomic headwinds,es and the ceo called it a, quote, challenging economic environment. as you can see, it's also bringing down winnebago. that stock down more than 6.5% in today's session. next up, take a look at t mobile, down had after measures sbc -- after hsbc downgraded from a hold to a buy with a price target of $270, it's right around 258. hsbc says without more information related to the yet to be completed acquisitions, they see limited upside. that's not good stuff, and the stock is down about 2.5%, stu. stuart: ashley, thank you.

now this, president trump applauded elon musk and doge for putting more money in the pockets of american families. tonight musk will meet with house republicans to discuss doge. hillary vaughn on capitol hill. hillary, what is doge doing with those empty federal buildings? >> reporter: well, doge has highlighted about 443 federal buildings they think could be sold because they're not being utilized. they think they could be put up for sale as the government gets downsized. the general services administration posting a list of properties, about 80 million square feet of space, saying, quote, underutilized federal spaces, disposing of these assets helps eliminate costly maintenance and if allows us to invest in high quality work environments that support agency missions. the move could save $430 million in annual operating costs alone not including the revenue from the sale. but democrats continue to

protest federal workers being laid off and let go and are warning americans that they could be next. >> to further combat inflation, we will not only be reducing the cost of energy, but we'll be ending the flagrant waste of taxpayer dollars. we ordered all federal workers to return to the office. they will either show up for work in person or be removed from their job. >> reporter: and elon musk will be back on capitol hill this evening at 7 p.m. to meet with house republicans to go over doge updates and answer any questions they may have. stuart? stuart: hillary, thank you very much. listen to what president trump said about billions of dollars in waste found by elon and doge. >> thank you, elon. he's working very hard. he didn't need this. everybody hard, even this side, appreciates it, i believe. [applause] they just don't want to admit. that's.

[inaudible conversations] just listening to some of the appalling waste. $40 million to improve the social and economic inclusion of sedentary migrants. nobody knows what that is. [laughter] $8 million to promote lgbtqi+ in the african nation of lesotho which nobody has ever heard of. [laughter] stuart: he was really getting going there. bill hemmer's joining me this morning. what did you make of the president's speech? >> elon wore a tie, i think that tells us -- [laughter] i don't know if i've ever seen him wear a tie. he was also mentioned by name, and a lot of the cabinet members were not, so you can tell how important this whole process and project is to the current president. however, there was a ruling earlier today from the u.s. supreme court, 5-4, it upheld a lower court ruling that had about $2 billion in money. a lot of this is usaid money, but we don't know specifically what programs they support. we're waiting for clarification

on that. maybe it comes today. if not, something we'll watch. stuart: democrat senator elissa slotkin gave the democrats' rut butt -- rebuttal. listen to what she said. roll that tape. >> while we're on the subject of elon musk, is there anyone in america who is comfortable with him and his gang of 20-year-olds using their own computer servers to poke through your tax returns, health information and bank accounts? no oversight, no protections against cyber attack, no guardrails on what they do with your private data. we need a more efficient government. you want to cut waste? i'll help you do it. but change doesn't need to be chaotic or make us less safe. stuart: yes. okay, okay, look, we tried to cut government waste, abuse and fraud before. it never works. along comes elon with his, what is it, chainsaw, basically, and he gets the job done. was she the right person to

represent the democrats? >> i didn't have a problem with her address at all. she's a new senator but has been in washington for a while. i think it was fine. i think you have to put the focus on the room and what was happening inside there. and it's not just republicans saying this, you know? the meet reaction -- immediate on cnn last night from david axelrod, he called the behavior of al green, the democrat ushered out in the beginning, he called itsy despicable. stuart: he did. >> simone sanders said this is an indictment of the democratic leadership. michael steele, now on msnbc, i don't know who thought of the bingo signs, but they should be fired. this is not -- these are not republican members of congress saying this, these are democratic analysts who are very close to the situation on the hill. their immediate reaction was, no good. stuart: it just fell flat. i just didn't see any response from the -- >> i think what you're going to see here, stuart, i don't mean to interrupt you, but what we're going to to remember from that

are these bin doe signs or whatever you want to call them from michael steele and others, al green being ushered out of there. i contend that trump's got three more of these speeches. what happens next year? stuart: yeah. >> be something to watch. stuart: al green, will he be back? bill, good stuff. appreciate it. former white house press secretary karine karine jean-pierre not happy with the administration's move to take control of the press pool. ashley, what is she saying about it? >> yeah. well, jean-pierre appeared on "the view" and said that the trump administration's handling of the press pool is how countries like russia and north korea treat the media. watch. >> when the white house press team decides to step in and override the white house correspondents' association who they have the job of doing that, then what we're looking at is state tv. >> yep. >> what we're looking at is what russia is doing. what we're looking at is what north korea is doing k. and we

are doing that, they are attacking the fiber of the freedom of the press. they're destroying it because they want to be covered in a friendly way. >> well, you know, the white house has restricted the associated press' coverage of the oval office and aboard air force one because the wire service continues to refer to the gulf of mexico instead of defaulting to gulf of america. and as mentioned there, the trump administration has also removed the white house correspondents' association from coordinating coverage can can has not been well received. stu. stuart: tempest in a teapot. thanks, ash. coming up, lawmakers are grilling four sanctuary city mayors. those soft-on-crime policies let violent migrant criminals walk free. we'll bring you the latest from the hearing. president trump says reciprocal tariffs will begin next month. >> april 2nd reciprocal tariffs kick in. and whatever they tariff us,

other countries, we will tariff them. that's reciprocal. stuart: okay. is that inflationary? we'll put that question to economist john lonski who is next. come on, john, you're supposed to walk this way. [laughter] you don't have to run. ♪ -- the night is young. ♪ in the crowd the music's loud, but i will find you ♪ ♪

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stuart: coming up, 12 noon sharp, "the big money show." taylor riggs, what have you got today? taylor: we're trying to follow the market rebound that we thought we had, stu. we're doing that with charles payne. and then deroy murdock is here to break down all of the impact from last night's speech, everything that you might have missed. it's all coming up at noon. stuart: i didn't miss a thing. [laughter] taylor, thank you very much is, indeed. as of right now, four democrat

mayors of the largest sanctuary cities, they're getting grilled on capitol hill. we found out earlier that michelle wu, the mayor of boston, spent $650,000 in taxpayer money preparing if for this one hearing. nate foy's been watching this all day long. what have you seen so far? is. >> reporter: well, we've seen some contentious exchanges. michelle work u, she's been spatting with trump's border czar, tom homan, that has continued. you mentioned her preparations. mayor brandon johnson of chicago, he's been in washington, d.c. since sunday preparing for this. there's a lot of tension in the room on capitol hill today. and the house oversight committee chairman, james comer, started the hearing by saying this -- >> these policies only create sanctuary for criminals. sanctuary cities make us all less safe and are a public safety nightmare. >> reporter: so sanctuary policies limit local cooperation with federal immigration

authorities. some in those cities argue that it actually helps decrease crime, but there are several high profile examples to support the opposite. i.c.e. a agents in boston arrested this illegal migrant from guatemala last month, he was on the streets after a being charged with the aggravated rape of a child. >> i can bring hell to illegal aliens who rape children. you don't release them back into the community. >> reporter: that was the quote that mayor q -- wu was upset about in the hearing today. i.c.e. agents also arrested this illegal migrant in haiti from january after he was let go with 17 criminal convictions including assault and battery. >> i'm not going back to haiti. you feel he? [bleep] trump. you feel me? yo, biden forever, bro. thank obama for everything that he did for me, bro. >> reporter: yeah. in chicago an illegal migrant released after allegedly luring

children is now charged with murder, and in new york where we are, officials wouldn't even honor an immigration detainer for an illegal migrant accused of lighting a woman on fire and killing her in the subway. as for denver mayor mike johnston, he said last year he was willing to go to jail to prevent trump's planned deportation effort that we're seeing in effect. we'll see how he and the other mayors handle this grilling that is set to continue for the next couple of hours, stuart. stuart: keep on it, nate. see you later. last night president trump reiterated his plan to impose if reciprocal tariffs, and that would be on april the 2nd. >> this system is not fair to the united states and never was, and so on april 2nd -- i wanted to make it april 1st, but i didn't -- [laughter] want to be accused of april fools' day. april 2nd, reciprocal tariffs kick in. and whatever they tariff us, other countries, we will tariff

them. it's reciprocal, back and forth. [applause] whatever they tax us, we will tax them. take in trillions and trillions of dollars and create jobs like we have never seen before. stuart: okay. we've already got some tariffs already imposed. more coming april the 2nd. is that inflation their? >> the tariffs we have right now are going to boost price inflation. they've already pushed the price of steel higher by 30 since the -- 30 since the end of january. price of lumber futures are up by 20%. so that would mean higher prices for those many products that use steel or that use lumber especially in the construction industry. and if you look at it closely, the two industry groups that are getting clobbered in terms of stock price performance have been the home builders as well as if auto industry. -- the auto industry. stuart: because the stuff that goes into building a house or a car, you're in trouble.

>> the manufacture of automobiles is very much cross-border between the united states and canada, the u.s. and mexico. it's an absolute mess. and if i was a consumer, would i buy a car anytime soon? no, because i would make the assumption that this jump in tariffs, this problem in trade will be temporary, and once it's over, the price of automobiles will move lower. it's not only inflation i'm worried about a, it's also going to be the loss of consumer spending, real economic activity. many workers whose jobs depend upon getting imported materials. stuart: that was my next question. i'm going to pick an arbitrary time frame. one month, for example. if we've got this trade fight and the tariffs d they continue for one full month, what's the impact on the economy? >> it's very bad. even if we set aside what's going on with the trade deficit, you're going to get a big increase in the first quarter because all of these companies try to push forward the imports before if tariffs took effect, okay?

so you'll probably looked at a drop by real gdp. it's what happens in the rest of the economy. there i would expect little, if any, growth. i would expect the worst performance by the u.s. economy excluding trade since the covid recession. stuart: ouch. how about that? all right, john, tell it how it is. thank you. >> thank you. stuart: the liquor control board of ontario, canada, pulling all american-made spirits off the shelves. ashley, this is going to hurt more than just distillers. tell we more. >> yeah, indeed it will. basically, everyone associated with the industry. the liquor control board of ontario, canada, says it is pulling american-made spirits in response to the u.s. and canada's's calculating tariff feud. the government of ontario is implementing restrictions on all u.s. beverage alcohol sales and related imports into ontario effective immediately. of course, that's just the latest act of retaliation after president trump's 25% tariff

plan, and it's having an impact on u.s. businesses, for sure, to your point, stu. the president of the kentucky distillers' association says the new tariffs will have far-reaching consequences beyond ontario's decision to pull american liquor saying it's going to hurt corn farmers, truckers, distillery workers, barrel makers, bartenders, servers and all of those businesses built around the industry. and that's just bourbon. stu. stuart: that's just bourbon. thanks, ash. it's that time when we show you the dow 30. we like to satieties it gives you -- say it gives you a sense of the market. there's more selling than buying, more red than green. the dow is, indeed, down 85 points. president trump has announced plans for a crypto strategic reserve. a lot of people not happy with this. i'm going to ask bitcoin foundation chair brock pierce what he thinks. he, too, is in the studio, walking towards the set briskly,

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stuart: president trump has announced plans for a crypto strategic reserve. it would -- the u.s. would buy and sell cryptocurrency and put

it into this reserve. could be a game-changer. brock pierce is the chair of the bitcoin foundation and joins me now. a lot of people not happy with this reserve. they say you with can't put four or five cryptos into it, it'd be like a mutual fund, more like a hedge fund. you've got to have just i one crypto, bitcoin. okay. i'm droning on. what do you say? [laughter] >> certainly, the bitcoin maximalists have that position. obviously, all of the other crypto people would love to have participation this many such a historic thing -- in such a historic thing that really changes the entire profile of the industry. it's like the difference between day and night now that the u.s. government is behind the work that we do. but, yeah, bitcoin is generally thought of as digital gold. certainly, the one that is the most obvious to sit on the u.s. government balance sheet since we hold physical gold. we'll see how much is in fort knox, ultimately. [laughter] stuart: do you doubt that it's there? some people say, look, somebody's been taking gold out

of fort knox and using it for nefarious purposes. >> i saw a project veritas video. somebody throwing gold bars off the titanic. we'll see. like many, i think we're curious. glad to see all government savings, and for us in the crypto industry -- [no audio] i think we're past that point. so it's not up to me. our president has made a decision with excellent advisers. they've talked about etherium being in. they said etherium, can xrp, solana a, so it is what it is, and the big winner out of that is, obviously, cardano and etherium being the big loser, shockingly down 10%. stuart: okay. the senate voted to repeal a biden era rule that requires some cryptocurrency platforms to report their customers' trans-alaskas to the irs. --

actions -- transactions. they don't have to report to the irs. i take it you would vigorously approve of that. >> i think the last administration was getting very onerous in terms of irs expansion, reporting and otherwise, and and i'm happy to see the country on track with life, liberty and the pursuit of happiness. i don't think any of us want to see an irs that is heavily expanded with even more reporting requirements than we already have. stuart: okay. let's move on to the first ever crypto summit. it's on friday at the white house. what do you want to hear? >> well, i think it's the moment when we look back in history where we have a bit of a preview, but that's the moment where i think we're going to look at that date, march 7th, 2025, is the day where we went from being in the shadows to acknowledged and recognized by the greatest government in the world, and with that, the rest of the world will follow. we're going to heaabt the strategic reserve, we'll probably have greater sense, and i imagine there's going to be some additional announcements that are going to be just as exciting. so i'm, i'm, you know, eager to

get to d.c. i'll be on my way back tomorrow -- stuart: you're going to the crypto summit? >> yes. and also i'll be hosting the after-event. stuart: that's a big deal. what are you specifically going to do at that summit? what are you lobbying for? >> well, i think here it's mostly going to be listening, the rest of us catching up. one of the wig things we're -- big things we're hoping for, ultimately, legislation. that's going to come from congress. the big issue we'ved had as americans, what makes america the greatest country in the world? we are the inventers, the creators, the ones that have been given permission to create because you can fail and get back up and do it again. the rest of the world will jail you, bankrupt you. we're a entrepreneurial nation of creation, and the idea that an innovation so important as this, the capital's not going to be in america? that would bother me. imagine if the internet -- and this is exciting, that we get to continue to lead the world as

the greatest innovative nation. stuart: you're a true believer, and it's good to have you on the show. come and see us again. here we go, the wednesday trivia question. i think i know the answer. which sport was the first to be filmed? boxing, baseball, wrestling, fencing? the answer when we run.. -- we return. ♪ (background sounds) investment opportunities are everywhere you turn. do you charge forward? (background sounds) freeze in your tracks? (♪) .. osity light the way. (♪) at t. rowe price, we're asking smart questions about opportunities like ai. and how the industries born to support ai might better support us all. better questions. better outcomes. t. rowe price ♪

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stuart: an excellent question. what is the first sport to be filmed up. i have an idea on this, but i will let you go first. ashley: my first instinct was boxing but i'm going to go with an outlier. don't know why it is there but i will go with fencing. stuart: i'm going with boxing on the ground i remember way back when, film of jack dempsey, 1920s. the answer is boxing. in 1894, the first film the boxing event was a boxing match produced by thomas edison in jersey, no announcers and no sound. programming note, tomorrow, pete hegseth joins us on varney and co. 9:00 in the morning. that is it for us. "the big money show" starts now.