tv Varney Company FOX Business February 19, 2021 9:00am-12:00pm EST
thank you for being with me. it was great show. back to does it for us. we have "varney & co." coming up next and guess who is hosting, david asman. david: great to see you and sorry to hear about your family caught that awful storm and we have doctor mccarey. we are talking about the doctor from johns hopkins who said we will have heard immunity by april. we have him coming up in a moment. cheryl, thank you. have a great weekend. good morning, happy friday. i'm trying to import stuart varney. the power beginning to turn back on four of millions in texas but the problems are far from over. 7 million residents are still under orders to boil their water before consuming it. we will take you to frozen texas for a live report later this hour. janet yellen is echoing president biden's call to spend a big say in the bigger risk is not spending all this money.
and will we see another spending package beyond the 1.9 trillion, beyond the 4 trillion already spent, possibly as high as $3 trillion to come? unbelievable, no ending. we are on the story and looking at futures on friday, this morning, they are up after a shaky day yesterday. all futures are up, all the indexes with the nasdaq really gaining on what happened yesterday, up over a half a percent premarket activity and we will follow up. meanwhile the hypocrisy is once again on full display, the mainstream media giving governor andrew cuomo a pass while slamming ted cruz over his cancun trip. we have that story coming up. also, a lot of other things coming up, parler interim seeley-- ceo, parler is back online and we will ask the ceo how that's working. tammy bruce's with us,
congress is burgess owens, a number-- ric grenell is with us as well. it's friday, february 19, "varney & co." begins right now. ♪♪ david: the game, a little late in the queue, but that's all right. nor snow in new york city although is tapering off a little bit as storms continue to all of the nation all over the place. it's been a tough winter, folks, a tough year and a tough winter, but good times are to come. we have someone coming up in a moment, and doctor from johns hopkins suggesting we could have heard immunity as early as april. let's get to it with house lawmakers drilling ceos of robinhood and writing on the gamestop trading frenzy.
what did we learn during these five hours? susan: not much, five hours, a lot of technical glitches and a lot of feedback that made it hard to follow but the biggest take away from the five hours was just how close robinhood was pushed to the brain. they didn't have the money to cover the trades and was very close to having to liquidate 13 million accounts on a platform, catastrophic as you heard from vlad tenev who is robinhood ceo. citadel billionaire founder second-most number of questions followed by gamestop average trader, roaring kitty, keith gill. the most viral moments of the hearings as well. >> a few things i am not, i'm not a cat, i'm not an institutional investor nor in my hedge fund. i do not have clients and i do not provide
personalized investment advice for fees or commissions. i'm just an individual whose investment in gamestop and post on social media were based on my research and analysis. susan: he wanted to make it clear he is not a cat. we heard from maxine waters, financial services chairwoman and she said there will be two more hearings may be bringing in regulators so i didn't feel like we got a lot done or answers. david: do they really know what they are talking about? susan: that was the problem, where they the right questions? david: i think they haven't all terrier motive and the larry kudlow alluded to this which is higher taxes, they want higher taxes all over the place. susan: also political theater and grandstanding. david: yes. thank you. let's check our futures and bring in our market guy, kenny polcari. let's talk about the gamestop hearings as you said the clouds were in town. >> did you hear one
decent question yesterday out of any elected officials? david: not really. >> that tells us all the people on the financial services committee don't really understand how us capital markets work. at no point did anyone in this story do anything illegal. the system can moment-- under some stress and reacted the way it was supposed to. robinhood had to shut down for a limited amount of time because of capital requirements, not for any other reason keith gill is not an institutional investor or advisor, just a single guy doing research and committed his own money to a trade and happen to win, but by his own admission yesterday he was as surprised as anyone to see the reaction in gamestop, up to matt $450 in his a share. david: kenny, the bottom line is at the end of the day with this
is all about, i think is that democrats are looking to tax more. they want more tax revenue out of wall street and they are looking at this as an opportunity to do so p what you think? >> i completely agree. i think it was clear every time one of the democrats got up there especially the woman from minnesota when she started talking on transaction and y'all going to be okay once we do this and on and on and on, completely completely having no clue on how the markets work. david: you turn any corner when looking at what's happening in the beltway and you see another trillion dollar program, trillion dollars here, trillion dollars here, trillion dollars here and they have realized they can't keep spending their way into the spending programs that they will have to tax for. i think it's the beginning of a new wave of taxis. what you think women i'm fearful of the same thing and i think that's what we need to prepare ourselves for.
david: kenny polcari, good to see you. have a good weekend. now look at this, a stunning piece from the "wall street journal" editorial page saying quote, we will have heard immunity by april. covid cases have dropped 77% in six weeks, experts should level with the public about the good news. joining me now is the man behind the op-ed, doctor marty makary from johns hopkins to thank you for being here. i have not heard this from other public health officials. why not? >> well, the medical community has been awfully dismissive of the 76% drop in daily cases and if you look at the 70 moving average it's a 72% drop in daily new cases over the last of six weeks and you cannot explain them by vaccinations, can't explain it by changing behaviors, this is natural immunity that has kicked in with over
half the country now has some form of natural immunity and sweden's university shows t cell immunity is better than antibodies or at least it's more common than antibodies so when it's activated his powerful. david: the bottom line is that the interview piece in the "wall street journal"-- wonderful piece in the journal, you suggest public health officials are afraid if they say this and tell us the truth about heard immunity coming online that people will be complacent and they won't-- they will be dismissive of wearing a mask etc. is that what's going on? >> there's a lot of groupthink in america and a lot of groupthink in the medical establishment. there's an elite old gold medical establishment and we saw the same sort of sort of don't tell the public this when it came to the efficacy of the first of the two doses of the vaccine and i been out there telling folks, look to let's focus on the first dose and delay the second dose in the
medical establishment said don't say this because people will think you don't need the second dose. let's be honest and my people make their own decision. a study skin on the new england journal three days ago and again this morning from israel, to study showing the first dose is about 92% efficacious in the short term, so that's valuable information and we should use that to plan vaccine strategies. david: doctor, if we have heard immunity by april, is there any point in keeping the economy closed in any way beyond that time? >> one of the reasons i wrote this is we have to have contingency planning for reopening and/or congregants settings. while we have known for a long time that outdoors is safe and a lot of activity is safe, for example the airline industry has had safe travel for a long time despite packing adults in there with masks because it's good ventilation and that's the secret. i think we need to think now about how to plan for the month of april when we see less than
say 3000 cases a day and we had hit heard immunity levels greater than 70% of the population with vaccinated or natural immunity, let's start the contingency planning out because businesses are starved right now and we have to address our growing hunger. david: i don't see that-- contingency planning beginning in washington yet. maybe it's private, but they should let the rest of us know about it, shouldn't they? >> well, i think they're sort of a perspective of things from a wealthy elite and what people don't appreciate that is if you are poor in america it's been hard to get testing meaning the numbers we have in our testing tractor underestimate the true estimate, the true prevalence of immunity in the community and we need to start looking at everything together to say what are things going to look like in april, and can we get ready now. david: doctor, it's a magnificent piece and if you chance, folks, look at it in the "wall street journal", we will
have heard immunity by april is the title. doctor marty makary is the author. thank you for coming in today, very important piece president joe biden is heading to kalamazoo, michigan, to tour pfizer's plant to meet with workers producing the covid-19 maxime. what can we expect? lauren: the president is to maureen pfizer's only us the silly that makes the vaccine at a time when we need more and fingers crossed we get better immunity by april. we aren't sure at the president will make any announcements, but there's the study is so much attention today because it shows if you get just one dose of the pfizer shot in a normal freezer, not alter cold it does offer 85% protection, so there could be the bigger push to delay the second shot like they are in the uk to get more shots and americans arms. we know pfizer is under contract to supply
america with 300 million doses by the end of july when it's also expected that this is summer, look, we could get shot in arms at a rate of four and half million per day so that's progress. david: johnson & johnson is coming online soon also. thank you. california school board members are facing swifter backlash after getting caught on video mocking parents who went their kids back in the classroom to you have to watch this. >> [bleep], if you are going to call me at going to [bleep] you up. [laughter] sorry, that's just me. >> they went to pick on us because they want their babysitters back. david: babysitters, babysitters? they are teachers pick their paid to teach in the classroom and furious parents when those members to resign. we have the story and treasury secretary janet yellen said we need a quote big package of stimulus. that's not all, could there be another multi- trillion dollar stimulus package in the works?
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price of doing too little is higher than the price of doing something too big. extended unemployment benefits and moratoriums on evictions. she did admit that taxes will have to go up at some point to pay for the spending, but there is logic in what she is saying about the spending big now to minimize the pain. bank of america came out with the study said it took the us economy 31 quarters to get back to full employment after the financial crisis in 2008, because they did too little and did not spend enough. at this time around the government is spending day and bank of america said we could get back to full employment in nine quarter so springtime next year for the strong jobs economy. david: it was a slow recovery because they raised taxes and increased regulation instead of doing the opposite. susan: what about spending? i mean, $800 billion and at the most during 2008 we are talking about 1.9 trillion this time around. david: making excuses for doing
the wrong thing. raising taxes-- susan: know, logic and spending. david: i don't buy it. of the only time we came out of a recession and raised taxes and increased regulation of my lifetime and we may be about to do the same thing which concerns me, but we will see. listening when john lonski thinks. let's bring in economist john lonski first of all, what you think about this? i think the reason we had such a slow recovery the last time is because we did exactly the opposite of policy we should have done. we should have a lowered taxes decreased regulation instead of the opposite of what do you think? >> you are exactly right, david, and you have a lot of good company. i remember alan greenspan saying the same thing after the great recession. y-- recovery was so slow given what was a gigantic and now a
physicals-- fiscal stimulus. you have the budget deficit approaching 10% of gdp and yet for all that spending and stimulus we got very little bang for our buck and to blame was increased regulation and also higher taxes, so i can't help but think right now that all of us economists who are predicting for to 5% growth for 2021 will prove to be off the mark , proved to be too high because once it's apparent that the economy will be hit by increased regulation and higher taxes, spending falls short. david: john, they can't spend fast enough. they still have between 700 billion and a trillion dollars that have not yet been spent, i mean, and they are already talking about trillions more. in fact, we heard yesterday talk about a $3 trillion any package after the 1.9 trillion.
>> all i can fit in that 3 trillion-dollar proposal is wow i mean recently janet yellen stated that if we do have justice $1.9 trillion stimulus package we will have full employment, 2022. well, if we are going to have full employment and three and have% unemployment rate in 2022, why do we need an additional 320 and dollars-- $3 trillion in stimulus? right now there are small businesses that have dubbed to call-- qualified workers. given where we are in the current recovery, and very high ratio of job openings for the number of unemployed, i mean, you will be creating a lot of headaches in the private sector, the ability to get good people to work if you pad on another 3 trillion. david: they are giving me a wraps only-- we only have about 10 seconds so we do have very
positive news on ending the pandemic possibly heard immunity by april. won't that still add tremendous amounts to the economy pending these lot-- ending these lockdowns? >> you are right again because we do have this buildup of liquidity. this recession was entirely about covid-19, get covid-19 out of the way and it's back to the races. david: john lonski, have a good weekend. thank you. look at some of the online retailers as they are up today at least a premarket activity. are we about to pay more for online shipping costs? lauren: we are paying more and we will continue to pay more. jeffreys said the holiday surcharges will stick around, no one is pulling them back and there will be the usual by that you see every year on top of that so why is this happening? the main culprit i think is amazon because if you
are a prime member you want it fast and expected fast and free even if you don't need it and that's overwhelmed the capacity of the shippers to ship them so you will see even a bigger push for buying online, pick up in-store or curbside pickup because it saves the store and you money and just this past monday fedex added another surcharge. it was 30 cents on some residential deliveries for big merchant so prices have been going up and they will continue to. david: i think it will be across the board. thank you very much. have a great weekend and the opening bell is coming next as we have premarket activity on the very positive side. we will be right back. ♪♪
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hurry and take advantage of this special tv offer. use a single hr software? nope. we use 11. eleven. why do an expense report from your phone when you can do it from a machine that jams? i just emailed my wife's social security number to the entire company instead of hr, so... please come back. how hard is your business software working for you? with paycom, employees enter and manage their own hr data in one easy-to-use software. visit paycom.com for a free demo. hon? first off, we love each other... david: it's a happy day for futures. come in jonathan honing. you call yourself bearish. you have been right on gold. are you sticking with gold? >> i mean, cause are going up and the market
is really a check a gauge, yet to see the whole board beyond it just a stock's. stocks are at an all-time high, but cause are going up including the price of gold, but commodities across the board are soaring mean corn, wheat, soybeans all seven-year highs. at the same time, you have interest rates soar. we have not seen this in years, the 10 year yield has doubled since last august and the 30 year yield 1.2% to 2.3% speed and let's talk about that. is that because you think back in august people either thought that-- that trump would be a reelected or biden would be president as a moderate, that he would govern as a moderate which he clearly hasn't done. is that right interest rates are going up so much? >> it's an old joke that sometimes investing is like working for the mom you can't ask you to me questions. [laughter] david: i love that.
>> biden spending with the trillions of dollars worth of spending so we see interest rates going up pretty dramatically. as interest rates go up, gold is seen as less stored value but this trend i think of higher interest rates and commodity prices and that none of that has been a harbinger for stock despite the fact that they have hung in. david: thirty seconds before the opening of the market, but another thing that might hurt gold is crypto because it's been way up. is a cutting into gold as a hedge against inflation? >> yeah, for so-called old-timers for you and i gold is seen as value but a lot of men knit-- millennial investors it's much about crypto, i mean, what is the barrier to entry for new cryptocurrency's, in fact there are hundreds. bitcoin $52000 a coin,
that trend seems to continue at least for the short term. david: gold is physical and a lot of people think it's important to a something physical-- physical in this virtual world to jonathan, thank you and that is the opening bell ringing. we are expecting-- a very positive day at least from futures. i would give it to things, some people this because of the stimulus package that many people are on board with the $1.9 trillion and that could be positive for the market. i think there's also very positive move against the pandemic in favor of what's happened with the vaccines and moving closer to herd immunity. we had a doctor on earlier suggesting it might happen as early as april and we have about a split on the big board in terms of the dow jones industrial average , but again we do expect positive moves on both the dow jones and the s&p.
the s&p is up about a third of a percentage point in early trading. the nasdaq, tech heavy nasdaq up about a half a percentage point. is get specific, susan, surely apple. they are looking to approve wireless charging. susan: that would be interesting. david: i love this idea. susan: magnetic battery pack so you don't need an outlet. this system that apple rolled out along with iphone 12 in the fall, that was the play is. apple is developing this for about a year according to bloomberg reported. it's only for the newest iphone's so you need an iphone 12 at least it might provide another revenue stream for apple as they are good at adding on to their iphone ecosystem's. remember that wearables, $13 billion in sales last quarter. david: so, i will have to buy a 12. susan: they are very smart at the new accessories because
$13 billion in sales in three months is basically what mcdonald's makes in half a year. david: moving to tesla, they are having a sale. susan: if you want to buy some base models, the model three. thousand dollars off the standard range plus edition for these models $2000 off the model y. they are instead raising prices on fire and performance models. teslas price tells us the competition is heating up in the electric car market with the gm, ford and volkswagen investing billions into the electric models so tesla has to wash their mark-- back it make it more enticing. david: good point. stewart's favorite is tractor stocks. he loves tractors, love to be on that tree farm and everything. we will talk about that in a moment, but first uber is down after a landmark ruling in the
uk. susan: uber driver should get benefits according to the uk supreme court. they should be classified as workers and not independent contractors so they are entitled to minimum wage and benefits. uber says the ruling only applies to drivers that were driving on an older version of the app and not every driver in the uk. remember, uber when the battle in california in november avoiding having to reclassify drivers as salaried employees. the uk is a tough market for uber not only with the supreme court ruling but also they bought their license twice in the uk and in a frantic uber drivers winning a court case to get employee raises. david: i jumped the gun and now, we have the tractor stock pick tell us. susan: do you think stuart is writing that tractor with sandals and socks right now? that infamous picture of him a. david: in new jersey, no.
susan: will, they are making money again and that's thanks to improvements with agricultural and in-- construction sectors. david: can't imagine him without shoes and socks on an icy day like today. susan: sandals and sought, winter, spring, fall, summer. david: you can't take the bricks out of stuart. show me broke who-- roku susan: they are making money instead of losing money and covid has been a boom for streaming. they have over 40% of streaming the top box market with 17 billion hours straight in the final three months of 2020. streamed and we know people are stuck at home watching some sort of streaming channel whether it's netflix or hbo max or does a plus but also have roku
buying their own content. there is talk the roku may develop some of their chosen the future. david: the theory am if hitting a new record? susan: the number two cryptocurrency right behind bitcoin and above $1900. bitcoin's record is about the 52000 mark has been listing ethereum. ethereum is up 50% so far near, less than the 78% for bitcoin but the value of that quite has crossed a trillion dollars. i think it's close to a brand-new record for bitcoin. bitcoin also makes up a trillion of the entire crypto market. david: extraordinary. susan: they make up two thirds and when we say ethereum's number two, that's a distant second. david: someone was suggesting a 1 million-dollar mark. susan: morgan digital assets or
didn't give a timeline but they said 500,004 bitcoin by the end of the decade. david: looking at the big board to co stocks are doing in general. well, it's a modest gain it's a good way to end the week, but again the modest gain, about a quarter of a percentage point gain on the dow jones, a little more on the mastic. let's check gold. that is the 10 year yield and it's up again to jonathan said it would continue to go up in gold is up a fraction , not having the same run-up as bitcoin. in fact, earlier in the wiki was down significantly while bitcoin just rising. check oil particularly on news that we may see an end sooner than later of this pandemic. you would expect the price to be up a bit. it is not. it's down a little bit with some profit taking,
but still over $60 a barrel. texas senator ted cruz is doing damage control after he was caught lying to cancun mexico while millions in his state are freezing, but the media never fails to expose its bias. with the coverage of senator cruz compared to new york governor andrew cuomo's nursing home scandal. i would say is far more important in terms of lives lost. more on that coming out. parler is back online. of the competitor to twitter and for now at least he comes after he read your shakeup leadership at the top. of the new interim ceo mark meckler joining me next to talk about what's ahead. going to miss that. ♪♪
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david: looking at the markets and they are trading up to the last day of trading for the week with the dow jones a modest gain of about 36 points. well over 31000. big tech is trading actually the big guys are trading down a little bit. microsoft, apple, alphabet, amazon and facebook all trading down, but not significantly. nasdaq in general is trading out. billionaire bill gates is culminating with social media's ban on president trump. susan: he is saying president trump should be allowed back on social media. that's interesting or twitter, facebook, snap and others have been mr. trump and twitter saying even if he runs again in 2024 he is still banned. bill gates says trump should be let back on, but social media companies can slap warning labels instead on some of his posts.
we know trump is a force when it comes to social media with 88 million followers on twitter when he was banned in that number about half of the number of visitors on the platform and gates says tech companies will find a way to get mr. trump back on. david: it would be interesting if they let him back on and he said no thank you. i'm going to go to parler. susan: do you think that would happen? david: it could. susan: he needs a platform. david: we should ask the man now controlling platform. now the parler website is back online and the new interim ceo mark meckler is with me. what about that? if donald trump says no thank you to twitter, would you have him on your site? >> absolutely. we would love to read the former president on our website and on parler, but to be honest we would love to have the current president. we would love joe biden on the site as well. we are open to all political points of view and we welcome everyone.
david: yes, i am on parler. i was able to get on, but i had difficulty earlier in the week. did you work on the glitches out of the system now? >> i think we have worked most of them out. we did a major update last night. and drove the error rate down to about zero. many people forget how complex it is to get this up and running from the ground up when you have been completely de- platforms, but i'm pretty comfortable we are good to go. david: it's amazing how that happened. it's your sense about that? my sense was there was a computer-- a real genuine conspiracy, the social media companies including apple, by the way, which i still don't see your app on their app site so it looks like they continue their boycott/you have news on that, but do you call what happened to parler a conspiracy of the social media sites against you? >> absolutely it was conspiracy. they intended to wipe us from the face of the
earth, but we are back, we are strong and i think conspiracy goes beyond there . i think it goes into congress in the halls of power. you've probably heard the house oversight committee chairwoman moloney issued a letter asking for information from us. this is a broad conspiracy to silence free speech, but i think it's also about shutting down a very viable dangerous competitor from the facebook and twitter set the social media model. david: have you reached out to tim cook at apple to figure out why you are still off the app site must i made a mistake in trying to look you up? >> you are correct. we still aren't on the site but there are ongoing discussions and i expect they are positive and we will be back on the apple store quickly. david: tim cook-- i would consider a mean from my own perspective he's a little more open-minded about these things than say jack dorsey and twitter ; no? >> that's my impression and as i said we had
positive discussion so i expect we will be back there-- the same is not true for google we aren't in discussions with google. google is a free speech that guy or. on android devices folks can sideload the apple from her website. david: what does that mean? >> it means you can actually download apps onto an android device off of other websites other than the google store so it's not necessary to get out from the google store. people can download our app directory from her website onto their android. david: what happened to your predecessor? why are you now the interim ceo? >> he served at the pleasure of the owners of parler and name a decision to go in a different direction and it's an ongoing personnel matter but beyond that i'm not able to comment. david: you say go in a different direction. what does that mean? >> means from a management perspective the company itself
remains dedicated to free speech. parler is the free speech platform. if it is legal to say it then you can say it on parler and that's always been our philosophy and will continue, but business is growing up in its expanding dramatically and that required a different management team. david: have you made any concessions to those people that were critical of the fact your site was used by people read before the january 6, right at the capital that suggested that people were using it to incite violence etc., have you made any concessions to that? >> no, we haven't and if you look at the independent analysis done by forbes and it's really facebook, it's really twitter, youtube and the other social media platforms that were used to organize. there was little organizing done on parler in comparison and we have not made concessions. we continue to have a platform that's free speech platform. we will use artificial
intelligence to screen comments for illegal activity and things you would not be allowed to do in the public square and we go one step further. once we screen the comments, human intervention to make sure the screening was correct but it's really only illegal activity that will be used careened out of the parlor. david: what about capital. do you have outside capital coming in? >> right now we have a management structure in place in the majority owners able to find the business but ultimately i'm sure the business will see capital so we can expand according to our business model. >> 20 seconds, servers was the way you guys really got shut down before. the sherbet-- servers just shut down. have you found a way around that claimant a ws shut us down a week on with independent partners and we are comfortable they will stand with us. they believe in free speech like we do and we build redundancy so we no longer have a single
point of failure and that was the danger previously. that's what took us down and we have removed those risks. david: mark meckler, we really need competition in that sphere and you provide that competition congratulations. we wish parler well. it's a vibrant medium and we hope you continue with your great work. mark meckler, thank you. appreciate it. >> thank you. look forward to seeing you on parler. david: democrats are rolling out their new immigration bill and former acting dhs secretary chad wolf is calling it the most radical agenda in us history and he joins me in the 11 a.m. hour. hundreds of thousands of texans remain without power as below freezing temperatures continue to plague much of the state. greedy trimble is in fort worth enjoins us in a live report coming up next.
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it's gone from an electricity crisis to a food and water crisis. we are at the food bank, mobile food pantry and yesterday they gave away meals to about 1500 families and today they expect to double that. you mention the water issue, about a quarter of the state 7 million residents are under a boil water notice now with power outages water treatment facilities are to blame. on top of that, homeowners are dealing with frozen and burst pipes that has led to a rush on the water on health that have been wiped clean at the grocery stores that are open and same goes for nonperishable food items a lot of grocery stores lost power themselves, so they are closed in to give you perspective, walmart has a dozens of stores still closed in the dallas area alone. you asked about relief. there's good news today. for number when the people without power has dropped below 200,000 customers and as well the temperatures are expected to rise above
freezing today for the first time in about a week. david? david: well, that's good news. burst pipes, any homeowner in the northern regions of the united states knows what that is like. it's no fun and i'm sure it's unusual for folks there. thank you very much for your reporting. still ahead, tammy bruce, former acting dhs secretary chad wolf and utah congressman borges oh eight. we have a trip for effect-- we have a terrific friday lineup. stay with us. ♪♪ ♪♪♪♪
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♪ ♪ feeling all right, i'm not -- david: feeling all right. joe cocker. i've seen him a couple of times -- or saw him when he was alive. wonderful entertainer. it's another snowy day in new york, as you can tell. the good news is, is that the snow is not coming down as a blizzard, but it is continuous, and it's supposed to happen all day. these are the remnants of what the folks down in texas were
feeling a couple of days ago that has led to so much misery there and throughout its path all over the united states. this has been a very tough month, the past four weeks or so, but again, it's not quite as bad as the nor'easter that we experienced earlier, and i think we'll get through this as you can see traffic is moving along sixth avenue. that is good news. good morning, everybody. i'm david asman in for stuart varney. it's 10:00 on the east coast. let's get a check on the markets. all the indices are up, in fact, the dow jones industrial average has gained a little since the last time, it's now into triple-digit gains, up about 113 points. the nasdaq is up over a half a percentage point, which is great news. meanwhile, the power crisis in texas now becoming a drinking water crisis as 13 million residents are being told to boil all of their water before consuming it, and that's if they even have water coming out of the tap. a lot of peoplen don't even have that. we'll have more on the situation in texas coming up.
and we just got the very latest read on existing home sales. lauren, what's the number? >> 6.69 million in the month of january on a seasonally-adjusted basis. this was a bit stronger than expected. if you look at the price of a home, we know lumber, all-time highs. copper, 2011 highs. so the materials are costing more. that has contributed to a 4.1% -- 14.1% year-over-year increase, the median home price is now $303,900. there's just not supply on the market, david, 1.9-month supply, so that's an all-time low. david: good news as more and more people get jobs as those worksites and the inventory increases. lauren, thank you very much. well, treasury secretary janet yellen says the economy can only recover, only recover with a big stimulus package. let's bring in art laffer.
art, spending nearly $2 trillion, that's on top of the $4 trillion that's already been spent, and they haven't even complete ared spending the last pile of money. do you really think that it's necessary to spend another $1.9 trillion now? >> i think it's very dangerous to spend $1.9 trillion now, i really do. i mean, in the first place, they have -- i think it's almost a trillion left over from the previous $4.5 trillion or something like that. so they've got that there. what janet yellen does, quite correctly, is she points to all the people with hardships and suffering and all that. that's very, very true. covid-19 has done a lot of damage to the economy, a lot of damage to people's lives, shutdowns and all of it. that's all very true. but this money doesn't come from the tooth fairy, david. it comes from workers, producers and taxpayers, and it'll have to be repaid or at least burdensome on the system and, therefore, you should always look at whom
you're helping but then whom you're taking the money from because government doesn't take resources, it redistributes resources. and whenever it gives someone money, it takes it from someone else. tawd david right. >> the problem with all of these stimulus funds is they go through the system so quickly. $1.9 trillion for these people in desperate shape, they'll have spent it all. it'll go into the coffers of people causing the dow, s&p and nasdaq to go way up for a while, but then they'll need more. it's like a junkie. ful there's no way of stopping this except by stopping it. david: bureaucrats do not spend money well. as milton friedman used to say, the least effective way of spending money is when you are spending other people's must be. you don't -- money. you don't care exactly how. i would urge everybody to google something called the covid money tracker, the covid money tracker. you find out exactly how much money is spent. there is at least $700 billion
sitting around waiting to be spent i felt will be spent eventually -- it will be spent eventually and probably irresponsibly. a lot of money will be wasted, go where it shouldn't be going, etc. that's the problem here, and they're taking it out of the private sector in order to spend it. >> and when it stops, david, then you're going to get a relapse the other way, and that is going to be a market decline of substantial proportions and a resurgence of the recession, depression, whatever you want to call it. you can't build this thing way up and then expect when you stop it, to have it come down nice and lovely and float away. david: well, their theory -- hold on, because what they say is, look, with the pandemic close toing being over, today we had a great doctor from johns hopkins suggesting we'll have herd immunity by april in the "wall street journal," with the pandemic over, they suggest that then the private sector will be churning so well all over the
world that they won't have that kind of withdrawal syndrome from federal spending that we've seen in the past. to which you say what? >> i don't think that's true. i don't think that's true. i think larry summers' piece in "the washington post" was much better on this. if you are a keynesian, this is a stimulus package of biden's that's about three times larger than the gap between full employment and where we are which is a very inflationary process, maybe inflation the their, and -- inflationary, and it's way more of a stimulus relative to the gap than, let's say, the 2008-2009 which was a large stimulus program. but if you look at the 2008 and 2009 stimulus packages of both w. and obama -- and this one, by the way, is both trump and biden -- can today led to very slow growth for the u.s. economy following the stimulus programs in 2008 and 2009, and it's going to do even worse here. david david art, they're giving
me a wrap, but 20 seconds -- >> okay, sorry. david: -- operating costs for the private sector are going to go up. they're going to go up on taxes and regulations, so you have this push down on the private sector while you have a push up on the public sector. >> yeah. and janet yellen says she's going to raise taxes, they're going to raise taxes gradually, she says, but that's even worse. i mean, raising taxes gradually. president trump cut tax rates, and that's why we got a nice continuation of the expansion. if they raise taxes and stop the stimulus, i think you're going to see a very major retraction in the stock market and the economy. that's just me, and i'm wrong a lot, david -- [laughter] money-back guarantee. i love you dearly, thank you. david: love you too, art. thank you very much, appreciate it. now take a look at this, the media dedicating far more time on ted cruz's tripp to mexico in the middle of texas' energy crisis compared to governor cuomo's nursing home scandal.
tammy bruce, what does this tell you about the field ya's priorities? >> well, it confirms what we already know, that their priority is the democratic party, their priority is politics. it certainly is not informing the american people about what really matters. i've got a tweet out there other people have recognized that there is serious business going on in the country, and yet it seems like they're trying to distract us. you've got governor cuomo here in new york, the republicans have started impeachment proceedings in albany. you've got the fbi and a u.s. attorney investigating him and the nursing home scandal. you've got governor newsom in california, that recall is on its way to really probably working. they're just at the right amount of signatures. you've got joe biden, the president, giving a pass and saying that general side in china is just -- general side in china is just another different cultural norm in addition to calling activities because of snow.
and yet this is a classic squirrel is ted cruz going to cancun. his vacation, for some reason, is supposed to be the biggest news. the reality is also they went -- it's not just saying, oh, this is a bad p.r. call, which it very well looks like that to many people. but the media, to keep the story going, looking at his wife's texts that somebody leaked to them. whether or not he was on the upgrade list coming back from mexico to texas. david: extraordinary. >> i mean, it's absurd. and this is what the media's acting at, and americans recognize now with the internet we know what else is going on to some degree, but we also know what the news media, the supposed legacy media, is choosing not to cover. david david extraordinary. just really extraordinary, the way you lay it out there. all right, i want to switch gears a little bit. speaker pelosi has picked retired lieutenant general russell onnery to investigate the capitol riot. he has been called an extreme
partisan by at least two senators. is he the right person for this job? >> well, obviously not. if you're looking for an investigation that is to come to a conclusion based on facts, this is not the individual to do it. but what do you expect from nancy pelosi? the commission itself is meant to have a predetermined result. and when you know what you want your result to be -- she doesn't, she's not doing this because she thinks the result is going to be some of these idiot yahoo groups decided to do this ahead of time and that this is not an insurrection, but a riot that was obscene, etc., and that -- where we have about a dozen people with serious charges that they're facing. this is, you know, she has a determined outcome. this is to continue the witch hunt, it's to continue the extraordinary the attempts to label tens of millions of americans domestic terrorists. it's completely political. so of course she would choose
him. but the american people need to recognize this. like the impeachable, that's a political action. it's not a legal action. thank goodness, ultimately, it failed. but we go back again, david, to everything that's important to the american people. this country has got a lot of serious things going on. david: yeah. >> iran is getting emboldened, china continues to be emboldened, and this is what they're doing? david: right. >> clearly, if we're going to have any seriousness -- david: by the way, we're going to talk china and iran with ric grenell. i know you add mire him. >> perfect. thank you, david. david: super, what are the market movers? >> we know that streaming is. booming, so roku, in fact, they tom that it the market, and they made money last quarter instead of losing money. users streaming 17 billion hours in the final three months of 2020. that's a lot, over 58 billion hours for the entire year.
also tu or lio, why not raise some crash, a billion dollars worth there -- cash. the cloud communications company is giving back a lot from thursday's rally. a bounceback when it comes to ago crur and construction and, yes, maybe stuart varney has one as well. i want to talk about dropbox, a digital storage company, falling today. they came in a bit light with their earnings, however, they had more paid users than anticipated. and finally, let's check in on trip adviser, lost more money than expected. yes, it's tough when it comes to travel. nine times worse than 9/11 according to the industry group, but trip adviser did note that pent-up travel demand and positive vaccine developments should lead to improvement this year. david: and uber, they lost a big legal battle if the u.k. tell us more. >> yeah. apparently, the u.k. supreme court says that drivers should get benefits, they should be classified as workers and not
independent contractors. so, yes, they are entitled to minimum wage and benefits. uber says this u.k. ruling only applies to drivers driving on an older version of the app, it doesn't apply to every u.k. driver out there. now remember that uber did win that california vote back in november, they avoided having to reclassify their drivers as salaried employees in the state of california, but the u.k. has been a really tough market for uber. not only the supreme court ruling, but then they lost their operating license twice in britain. and over in france things aren't that much better, uber losing a court case so their drivers are entitled to employee rights in that market as well. david: taxi drivers are very political in europe, and they have a lot of power. >> yes, they do. david: susan, thank you very much. school board members caught on camera mocking parents who want their kids back in the classroom. take a look at this. >> [bleep] if you're going to call me out, i'm going to [bleep] you up.
[laughter] sorry, that's just me. >> they want to pick on us because they want their babysitters back. david: they want their babysitters back. can you believe that? we've got a lot more of that tape coming up. and the situation growing more dire by the hour in texas where millions now are without drinking water, and some even using snow to flush their toilets. we've got a live report ahead. but first, a pathway to citizenship for millions of undocumented immigrants and much more. we're breaking down president biden's new immigration bill right after this. ♪ ♪ i'll be running through the jungle to get to you ♪♪ [announcer] durán catches leonard with a big left. ♪♪ you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming.
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♪ david: fire, steady gains, not particularly anything to write home about, but a good, steady day of between with on the screen, and the dow jones industrials up 91 points. nasdaq up -- it's lost a little wit, it was up half a percentage point, it's now up 60. and gold, let's take a look at gold because they took a beating earlier in the week. they are up about $8 an ounce right now. still relatively low compared to past several months. $1,783 will buy you an ounce. well, now this, democrats rolling out their new immigration plan including a pathway to citizenship, an increase in the number of green cards given out. by the way, a discontinuation of building the border wall and a return to the catch and release policies of the obama era as well. they're not a part of the immigration bill, but that's what's going on. let's bring in daniel garza, president of the libre initiative. good to see you. many are worried that what all
of this amounts to are massive incentives for increased illegal immigration to which you would say what? >> incentive to illegal immigration, actually what we're doing is addressing the status quo of what we have induced, actually, because of our tight border restrictions and the pressures on the border, illegal entry. what we want to do is actually incorporate this 10-11 million folks that are here already and have them be fully contributing members of our economy, of our society. these are folks we go to church with, to school with and that we work with. i think it's a moral and national imperative that actually strengthens our economy more than anything else. but also i think it's about family unification and strengthening our country. david: well, daniel, let me just talk issue with one thing, and that's the number, the raw number. we keep hearing 10-11 million. it's been 10-11 million, i've been hearing that number for at least a dozen years if not more.
aren't we talking about a number that's closer to 20 million? >> well, we don't know, frankly, right? and a lot of it has a -- the pressure has been eased because of the rising salaries and quality of life in mexico more than anything, and a lot of the new immigrants are actually coming from different parts of the world. and that, of course, has reduced the number -- a lot of the folks that have been here have been here for almost over ten years, and we know that there's a lot of consensus especially in the dreamer community, a lot of those kids were young when they came here and know only america as their country. so i think there is a lot of con census there. i was really disappointed with the democrats and the strategy, actually, that they applied here in imposing a proposal where they sought no collaboration, no input or contributions from the opposing party. david: that's right. it was a show, it's a show proposal because, frankly, it
probably won't pass. there are enough -- certainly no republican, but also a lot of democrats that have problems. and i want to agree with you on one point which is that our immigration system has been messed up for a while. president trump focused on the idea of a merit-based immigration system like they have in canada, like they have in australia. it works pretty well over there. i'll give you one very personal example. i have a sister-in-law who's in central america who speaks perfect english, has an mba, she's created businesses of her own in nicaragua which is much harder to do than anywhere else, and she's been trying to get a green card for a dozen years, and she can't get one. a dozen years. now, that's the kind of person we need who could create jobs in the united states, but they're not letting them in. >> no, you're absolutely right. i think what we're talking about are the folks who have already are been residing here, like i said, for over a decade -- david: but we have a lot of people -- forgive me, we have a
lot of people that are being encouraged by thinking that the borders are going to be a lot more open to come in. shouldn't they be allowed in on the basises of merit? if quickly. >> they should be allowed in on the basis of merit, yes, absolutely. we should look at that as one of the qualifying factors, and we get to decide who comes into the country and under what conditions. we're causing work shortages, there's processing delays, long backlogs, and there's pressures at the border that we can resolve through a bipartisan, sensible policy. but right now all we have is a unilateral proposal that's been imposed on us, and it's not going to work. and we're already losing sensible and moderate congressmen like balart from florida and newhouse in washington. david: i think the one thing that could unite everybody, by the way, is this merit-based immigration system. if we focus on that, that would be a great step forward but, frankly, i don't want see anybody talking about that. very discouraging. so what else is new inside the beltway. daniel, thank you very much for
coming in. now to the extreme weather in texas where millions have no clean drinking water, many remain without power. lauren, what's this about residents using their new trucks for power? >> amazing story. so the hybrid f-150 has a power boost generator, so it's onboard energy. you just run an extension cord from your car to your house, and residents are saying this is how we're keeping some of the lights on and the appliances and the televisions on. this is a great feature to have. look, this cold weather does the not happen often in texas, but they get hurricanes, so another use for your f-150. it's brilliant. with but the reality service of the -- the reality of the situation is 14 million texans woke up this morning and still don't have drinking water. many might not until monday. many of the stores are closed,the pipes have frozen, and we're actually hearing stories of residents flushing their toilets with snow. so it's a desperate situation
for so many people. david: that's an extraordinary the story. just brings to light what they're dealing with down there. lauren, gas prices could see a big jump this spring because of the refinery shutdowns related to the weather. >> yep. david: how much are we talking about here? >> back to $3 a gallon by memorial day. so they're already up, if you look at gas prices, a dime this week, $2.60 nationwide. and gasbuddy says expect that to ride about 10-20 the cents in the near term, and you're going to get near $3 by may, and that's when the refineries switch over to the more expensive summer blend of gasoline. here's the issue in texas specifically that's impacting the entire country, they have 11 refineries that are partially or fully sutt down including the 4 big ones. and even when the power does return, you can't just restart a refinery like turning on a light switch. there are repairs that need to happen. that could take weeks, if not months as they assess the damage.
the gulf states are going to feel the impact of immediately rising gas prices, but you have to remember some of the pipelines like the colonial pipe lauren, they take oil all the way from the gulf to new jersey and to new york. so we're going to feel it too. david: well, and the oil that those refineries need to make gasoline is going to be less because they closed the xl pipeline. so so the oil from canada's going to be -- i mean, there's so many factors leading to higher gas prices. >> yep. david: it's very discouraging. thank you, lauren, appreciate it. going once, going twice, some of the rarest sports trading cards ever headed for the auction block. we're going to tell you exactly what they are going for with the auction near ken golden. i always love these segments, that's ahead. plus, it was a cast of characters yesterday in the gamestop hearings. one of the congressmen who was there for the questioning here after this. ♪ ♪ we got what we got, we all
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the gamestop frenzy. come in, susan. robinhood's ceo vlad tenev made some bug admissions, right -- big admissions, right? >> some scary ones, said that robinhood was pushed to the brink, and they didn't have the money to clear trade, so instead they had to restrict trading in those 13 stocks including gamestop. >> if there was forced liquidation, at the very least it would have have resulted in a total lack of access to the markets for your constituents. not just to the 13 securities that we restricted buying in. >> right. so this would have been an enormous catastrophe for robinhood, correct? >> that's correct. not just robinhood, but the over 13 million customers that we serve. >> 13 million accounts. 13 million accounts had to be liquidated, that's tens of billions of dollars of stock that would have been sold off
and do a lot of damage to the broader stock market. and you can imagine the cascading effect that would have had. now, robinhood has faced the most heat, most of the questioning going to robinhood and tenev, overwhelming majority to citadel's founder ken griffin taking the second most and the admission that robinhood was just a hair away from disaster have a lot of people questioning the future of zero commission trades and if that business model can sustain. david: all right. susan, thank you very much. let's go straight to congressman andy barr, he's the ranking member of the oversight and investigation subcommittee. congressman, i saw this as a lot of grandstanding and nothing, frankly, of substance. am i right? >> i think you're right, david, and i think there are three basic takeaways from the hearing yesterday. one is that the system generally worked in that the markets functioned fairly well. obviously, there were losers in the story.
melvin capital, professional wall street hedge fund, lost on the short squeeze. some of the retail investors who got in late on the rally on gamestop, they lost on the downside because the stock got away from basic fundamentals and valuations, but market discipline is setting in. and the second takeaway was that the democrats were unable to persuade anyone that restrictions or banning payment for order flow is a good idea. in fact, what we learned is that payment for order flow actually results in best execution, better pricing and zero commission trading or commission-free trading, and that has increased investor participation in the capital markets. that's a good thing. the final thing that i think we learned was that mr. tenev was able to debunk this conspiracy theory that somehow robinhood conspired with hedge funds like citadel to halt trading. what your report just revealed and what his testimony revealed was that the, in fact, it was
the clearinghouse margin requirements that forced robinhood to halt trading. david: well -- >> and we want to look at in the future not more regulation, and certainly the hearing didn't justify more regulation, but how can we continue to innovate in the markets to get to better, shorter timetables in terms of -- david: well, we're not going to be able to innovate if we have more regulations and more taxes and, frankly, that was the undertone of the whole discussion from the democrat side, was how could we figure out a way to regulate more and, frankly, there was an all tier or your motive, i think, of how can we find a way of taxing more, the markets. >> yeah, there was some constitution about a financial tax which is a terrible idea which would also penalize retail investors. but, yes, the democrats failed to justify any additional regulation or overreaction by the securities and exchange commission. in fact, if there was any
culprit in the halting of trades, it was regulation. now, i would say that the solution to the robinhood situation where they had to shut down trading would be, you know, realtime settlement and moving at least towards a shorter time frame in settlement. and there was a very productive back and forth between some of the more thoughtful members on the committee and some of the witnesses on block chain or distributed ledger technology as a way to shorten the time of settlements of some of these trades -- david: congressman, you're getting into the minutiae here. i like to look at the bigger picture. you look at who the chairman of the committee is, and you see this sort of distrust of capitalism. i'm wondering how many more of these hearings we're going to have where capitalism itself and the so-called heart arelessness of capitalism is going to be on trial. quickly. >> i think the chair waters will do that more, but i think what happened in yesterday's hearing is a vindication of capitalism. and i like the fact we have so
many new millennial day traders. they say millennials are socialists. i think we learned yesterday that millennials like mr. gill are, in fact, capitalists. that's a good thing. david david i hope you're right. great to see you, congressman, thank you very much. >> good to see you, david. david: susan, show me facebook, why there is a facebook boycott campaign in australia. >> well, because they blacked out all news sharing in the country. that was the nuclear option that facebook chose in reaction to a new australian law that would force social media giants to pay for news content that they shared on their platform. now, google said that they would pay, facebook said no, and they said they were backed into a corner. reaction to this in other countries like canada, for example, said they are also looking at a similar law, and if facebook tried to do the same thing by block out news, canada would swipe facebook. we'll be hearing from zuckerberg again next month joined by jack
dorsey. and also headlines that just crossed, it seems like -- it looks like these three companies will be working with the white house in order to tackle covid misinformation according to reuters' reporting. no specific ideas what they'll be doing, but they'll be on capitol hill in front of, again, testimony in front of congressional leaders but then also working with the white house. david: yeah. so-called covid misinformation. sometimes it's anything but. susan, thank you very much. that's my opinion, by the way. should marijuana workers get the covid advantage seen before teachers do? vaccine before teachers do? well, they are in california, that story coming next. plus, new york city restaurant owners are flocking to florida. the other than of one restaurant telling us why he is opening up shop in miami. he'll be here right after this. ♪ ♪ ♪
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david: well, new york restaurants are fleeing to florida to benefit from the looser restrictions there. that includes the poplar hasaki sushi. let's bring in the owner, gary. you not just opening a new restaurant, you actually brought your family down there as well. besides the weather, we know about the weather. i don't want to hear any bragging about it while we're enduring the ice storm outside right now. what is so appealing to you besides the weather? the. >> well, first of all, thank you for having us. i think miami is appealing as a city besides the weather, i think what the local government has done for restaurant owners like myself with the looser restrictions with opening up indoor dining much sooner than statements like where we're
from -- states like where we're from in new york, i think that definitely helped me realize that, hey, maybe miami should be our first home and new york should be my second home. because before miami was always second home for me, but this time around and hopefully by september it'll be my first home -- david: how much of your decision was based on the fact that there's zero income taxes in florida? >> i think a maul percentage, but there was -- a small percentage, but there was always zero income tax in florida. i think florida has been building itself for a long time, and that's something the local government thought would be the right thing to to do to bring business owners in and build the city. and you know what? that was an excellent decision and and even before the pandemic the city was, i mean, i've seen it -- i've been coming here for about, i would say 25 years.
so i think a marvelous job and what has happened in the past couple years, who wouldn't want to be here? i definitely think miami is one of the greatest cities in the world. david: would anything bring you back to new york city? >> new york is my home and will always be my home. i'm a new yorker. i'm never leaving new york. and in the summertimes i will be in new york, and we have a lot of restaurants and other business in new york, so i'll be flying back and forth. david: okay. so you still have hope because, frankly, i've got to tell you, i've been in new york for 40 years now, i'm wondering if it's ever going to get back to normal. i don't think it will but maybe i'm being overpessimistic. what do you think? >> i think it will. i just think, you know, we need to -- new york, you know, one door closes, another door opens. new york will always be new york. but, yes, it's less appealing than it was, and it's, you know, the other day i was in a
restaurant here in miami, and i met so many new yorkers in the restaurant. it was, you know, they're still following the rules. they're still social distancing. when you're walking, you need to have a mask. everybody's wearing a mask. but it's, you know, it's open. businesses are surviving, so i think new york are come back, but we just need to give it a little more time, but i think because what happened miami has become more appealing for restauranteurs and small businesses like myself and my team. david: now, you did just open a new location in connecticut a couple of weeks ago, right? >> we did. david: tells us about that. >> i've got to say connecticut, it was such an easy process. greenwich is a small town, but they did a great job welcoming us. we had no issues at all. what i didn't understand when the second lockdown happened in new york, states like
connecticut, they didn't, they didn't go on lockdown. restaurants were open. and, you know, that's one part i definitely do not agree with. i think we should have done the same thing that greenwich had done. i think the infection rate in restaurants at that time in new york were under 1.5%, and, you know, we need to help small businesses survive and get back to, you know, where new york used to be. david: if you're following this, if you're following the science, there is no excuse to keep these restaurants closed. 1.4%, as you say, is the infection rate. i think it's other 70% from -- over 70% from in-home infection, passing in homes. >> yeah, it doesn't make sense. david: gary, it doesn't make sense but, frankly, a move to florida does sound like it makes sense right now. [laughter] congratulations to you. i hope you enjoy it. i know you enjoy the weather. california school board members mocking parents in a meeting that was caught on talk about. lauren, they thought the meeting was private, but everybody's got
a cell phone these days. >> a virtual meeting, is that ever private? so we're going to show you what school board members said mocking parents and forcing the superintendent to apologize. watch this. >> [bleep] if you're going to call me out, i'm going to [bleep] you up. [laughter] sorry, that's just me. >> they want to pick on us because they want their babysitters back. >> the meeting is open to the public right now. >> huh-uh. >> that's what lori is just said. >> great. >> so there's the an online petition for the oakley board to resign and questions why the superintendent who was on that call didn't speak up. but as one parent said, this parent said, look, i thought the school board had my child's best interests at heart, and they just think they're babysitters. david: so many people ignore school board elections.
they think it's unimportant, why bother with it. this is why you bother with it. that's one thing we're learning in this pandemic, how important these local elections really are. let's stay on california, lauren. >> yeah. david: a surprising group of workers are getting priority for the covid vaccine. who is this? >> it's the medical marijuana workers, david. so that includes the delivery drivers and the retail store mowsment so the -- employees. so the cannabis industry, according to the new rules, will be vaccinated in california before the teachers, before the school staff, before the school bus drivers. i know you're scratching your head, but it is medical marijuana. and that's why they're in tier 1a and teachers are in 1b. there you have it. david: still -- >> enough said. david: enough said. >> i know. david: thank you. coming up next, the largest auction in industry history with some of the rarest trading cards ever. golden auctions chairman, you've seen him before, ken golden, he is here to tell us how much some
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david: let's go straight to to ken goln from golden auctions. ken, i love this stuff. you tell us you have the largest auction industry in history, and you brought in $33 million in january. take a look at what items you have today. starting with the kobe bryant rookie card, i love the way you describe it in the catalog. you say it yields a creation that's almost impossiblely harmonious on a physical level and nothing less than rapturous in its effect on if spiritment you expect to get at least $1.5 million from this, right? >> it's currently, i believe, at $1.2 million. the auction still has about three weeks to go, so at this point, it's a hot industry, david. i expect it at this point to go for over $2 million. david: wow. >> it's one of only two that exists in that condition in the world, so it is the number one kobe bryant trading card or any
item that you can possibly own. david: it's amazing. and the fact that he passed away, you know, i don't mean to diminish in any way with, shape or form his passing, but that increases the value of the card, does it not? >> yes, it does. all of his items went up after that. david: all right. next is lebron james. a little less money but still a very sellable card. >> yes. this is known as an exquisite. it is limited and numbered to only 99, it's an 3.5 out -- 8.5 out of 10 with a 10 autographed, and the collectors love the unique patches this one has. i believe, again, i estimated it last week at a million, and i believe it's currently at $1.1 million at goldenauctions.com. it is probably the single most desirable lebron james card that you can own. david: wow. i have here that there is a current bid for $850,000, but that's up now, right? >> you add the 20% buyer's
premium, so that adds another $172,000 to it. david: i gotcha. one of my favorites of all time, number 7, mickey mantle. his rookie card is up for auction. how much would i have to spend? >> we expect this to go between $1.5 plaintiff 1.8 million -- 1.5-1.8 million. it is the first major release of tops, it is a grade of an 8. it is the most desirable baseball card in the world, and mickey mantle is one of the most popular players for trading card collectors in the world. it's really a unique piece of art and a collector's item. david: you know, there's an emotional attachment to mickey mantle that i think is beyond his stats. i mean, a lot of the other athletes that we mentioned have stats that might be more impressive, but he had something extra about him -- >> i can tell you're a real fan.
i mean, people, i was not around when he played, but people would say he hit the ball, and the sound of the ball off his bat just sounded different -- [laughter] david: i think you're right about that. all right, finally, another guy who has an extraordinary personality that, if not equal to mickey. mantle, is up there close to it, michael jordan. his rookie card as well. how much is that going to bring in. >> we expect in this to go for $600,000 and above. it's the classic 1986 rookie card in a psa10 grade. it is currently the most in-demand trading card world wild because everybody, as they're getting into cards, the first thing they want to buy is a michael jordan rookie. david: now, i'm interested in why it's relatively cheap compared to the others we've been looking at. >> sure. well, it's production. some of these other cards you have to realize in its condition, the kobe, there's
only two that exist. the mickey mantle, in his condition, only 33 exist. the lebron james, only 99 of the cards exist in the world. the jordan was released at a time when production was higher. there's actually, i believe, 300 or so of these cards that exist in this particular grade, but the demand is insatiable, far more than the supply. david: well, it's all mouth watering. i'm literally drooling. save the mickey one for me, all right? >> absolutely. david: ken, good to see you. another big hour coming up. chad wolf, burgess owens -- one of my favorite of all time -- ric grenell and joe concha. we'll have more coming up. ♪ breathing and breathing and breathing. ♪ keep on breathing. ♪ just keep breathing, breathing and breathing ♪♪ grandparents! we want to put money aside for them, so...change in plans. alright, let's see what we can adjust.
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here one decent question out of any elected official? that tells us all the people in the house financial services committee don't understand how us capital markets work, serving the pricing trillions of dollars worth of spending so interest rates going up pretty dramatically. >> it is dangerous to spend $1.9 trillion now but this to money doesn't come from the tooth fairy.
it comes from workers, producers and taxpayers. >> this recession was about covid, get covid out of the way and it is back to the races. >> it is 11 am, i am david asman in for stuart varney. your money in the markets doing pretty well. 134 point, it is nothing to sneeze at. it is 3 quarters of a percentage point gain up 99 to 13964 and the s&p is a third of one person. now there is a water emergency in texas caused by the winter
storm. let's bring in michael burgess. what are you doing to make sure this never happens again? >> there is going to have to be a lot of investigation where things failed but it is not new. this happened in 2011, and and sometimes it gets cold in texas. in 2011, the first energy sources is what we need to do, we need a number of coal-fired power plants that was resisted by the mayors of dallas and houston at the time, he was not allowed to do that. there were others who suggested hardening of the facilities, that did not occur in the big question is what was the
problem if there is a gas compression plant that is not adequately heated, why not? was there a requirement that it be heated with renewable from electricity rather than natural gas. i don't know the answer to that. i'm getting a lot of information from different sources right now but all of that needs to figure in. dave: you look at the photographs, videos of windmills that are frozen solid, that obviously cannot work and you wonder whether there was an overreliance on the renewals that don't work when you have whether that freezes them up. is that an over supplication? >> yes and no. texas has embraced renewables, 25% of our load was provided by
windmills but if it is your baseload that's not a reliable source. so you do need that backups, nuclear, coal, natural gas, natural gas also is suffered some problems and i reference the compression stations which weren't adequately heated and my understanding is those of been electrified and when the windmills go down that supply electricity to heat the compression stations for natural gas, you could get a cascade effect and the problem is supply and demand, texas is on its own grid. operators were fearful there would be an overload situation, equipment would be damaged and it would be months, not days before we could emerge from this. i don't know about the physics of electricity to tell you that is an accurate statement but we've seen that occur in other
areas. the big power outage in the northeast in 2003. dave: the question is whether you have become overreliance on renewables that don't work well in this weather. what percentage are you reliant on windmills? 10%? 20%, 30%? >> 25% is a figure i have heard. dave: is that too much considering what happened? >> there are pricing factors that created that and those need to be examined closely as well but you have to have a baseload. we know this. this is not new. you have to have a reliable coal, natural gas baseload churning away and if you want to provide electricity to the grid with renewables, great. that reduces the amount of coal or natural gas but is burned but at the same time you have to have that reliable source. dave: you should have a switch
where things get frozen up you have something to switch to that is reliable even when ice comes down. we've got to leave it at that. appreciate it. let's talk about what is happening in texas, will we be seeing a lot more of these energy disasters as we switch to green energy? liz: i think we will. great to be with you and good to see you. this is about common sense and that is what you are about, practical solutions and cold, this is not a democrat or republican issue, we need energy and call is 20 times more fatal than warm weather. as we talk to wind and solar executives even they admit the issue is about redundancy and backup power when the system goes down, they don't have the battery capacity yet to store wind or solar energy and it is about incentives for the investors to come in. when they see wind and solar
backed by the government and that sector not paying to upgrade the grid, that is a tough hurdle to mount. in terms of investing, it should be pointed out that you don't see the government sending wind turbines to hospitals, police and fire stations in texas and california is an example, it has been doing rolling blackouts and parts of the state because it shifted to renewable energy. it is a great idea but we don't have the battery capacity to build redundancies in the system to have a baseload capacity when disaster hits. dave: your point about incentives, the wrong incentives are in play, they have to get that -- something democrats rarely do. i want to switch to another subject. new york governor cuomo, the nursing home scandal, you have new information on this. liz: thank you.
we have reports coming in. why was the fbi stepping in? the justice department had been asking for this under the trump administration for some time. we are tracking these reports, it is not just the cuomo administration stonewalled the justice department, the news is coming in that the accusation the cuomo administration manipulated the data that was given to the federal government. this matters, this is under medicare and medicaid so the question is why. why did the cuomo administration stonewalled the doj and now they are saying they manipulated the data because here is the thing, new york is a gateway to other states when it comes to the spread of the covid pandemic. yale university found that out, texas, wisconsin, louisiana, saw strains of coronavirus moving in there. if you are misleading the federal government they cannot track the viral spread in order
to stop it. the other thing is we are tracking the story and it has been out there. the blanket immunity cuomo gave to nursing homes after the covid pandemic struck and after the executive order saying you have to take these patients back in, he both undercounter the death toll and undercounted the number of patients, got a little political donation from the hospital and nursing home sector. dave: liz mcdonald and i worked together at the wall street journal. there was no reporter at the wall street journal that did more fruitful investigation than liz mcdonald and she brings that to the screen as an anchor. combination of your reporting and your analysis is what makes you unique. i really that. evening edit begins at 6:00 pm eastern tonight, west virginia
jim justice is doing a lot of good stuff in that state. we will be watching, great to see you. the markets, the dow is on pace for a record close, it is not a spectacular boom to the dow but 140 point gain will take it. come in susan, who are your big market movers? >> it is encouraging as you head to the weekend, striking a deal with the global vaccine and 1 billion doses of its covid vaccine to different countries around the world and still in the trial phase of its vaccine but bill gates says it might be effective against different strains of the virus. let's take a look at the spike today, a new favorite on the redit wall street desk brigade, down 10% in the past week after losing money the last quarter and the lockup period expiring
so investors can sell their shares but the redit upgrade is there, sosa close up, but coin hitting another record high above 53,500 square, one of the early adopters by 50 million in bit coin, allowing account holders to trade bit coin but a beneficiary of the rise in currency, what is the easiest and most popular play bit coin has been the grayscale bit coin trusts, and index fund backed by actual bit coin holdings was even kathy would toddy fund manager, she brought 7 million shares, so it might be worth looking at and look at the airlines, covid cases are down over 70% capacity which means we could be back to traveling like we used to, and nonstop flights from boston to london and that is interesting as we
are coming out of covid. dave: that is great news. a lot of reason to be optimistic. florida may have found its next cash crop, the state thinks hemp could be worth $30 billion. ashley webster has the report from florida and a big day on the southern border, the first wave of migrants allowed to cross into the us to remain in mexico policy for the trump administration expires. former acting dhs secretary chad will is here to respond to that coming next. i had saved up some money and then found the home of my dreams. but my home of my dreams needed some work sofi was the first lender that even offered a personal loan. i didn't even know that was an option. the personal loan let us renovate our single family house into a multi-unit home.
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announcing a sweeping immigration bill that includes an 8 your pathway to citizenship for 11 million illegal immigrants. come in, acting homeland security secretary chad wolf. you call this proposal radical. make this case. >> thanks for having me on. i think the legislation we see here has some fundamental flaws. we don't think it is a serious step towards immigration reform which we all think the system needs. at the end of the day not only is it amnesty for 11 million although i say the number could reach much higher, 15 to 20 million, we don't know how many are legally here in the country. there is very little enforcement mechanisms in the bill, 350 page bill, i counted 2 or 3 pages the talked about border security and enforcement. they also illuminate penalties for those across the border illegally. they blur the line, almost
aluminate the line between citizens and noncitizens, these new terminology. instead of illegal alien it is noncitizen. the immigration and naturalization law is written a that we have different classes of individuals, different processes, requirements and benefits for these folks we to we call them all noncitizens that will fundamentally change the way we look at immigration law, very concerning and they also talk about a provision allowing attorneys at taxpayer expense for individuals crossing the border illegally so us taxpayers will pay for attorneys, individuals coming across the border illegally, they get into deportation hearings which can drag on for months and months and even years. dave: there's a good chance this might not pass, not only are republicans against it but there are several democrats with problems with it but a lot of things the biden administration can do on their
own as the trump administration did on its own. ice and border patrol agents, i wonder if they will feel hamstrung about tracking down violent illegal immigrants as they were able to do more easily during the trump administration. >> absolutely and what you are referring to is guidance that was issued last night regarding who ice can pick up, who they can enforce the law on. what we said the last four years as we won't to our law enforcement officers to enforce the law here but not there, to do it in this provision but not that provision. enforce the law and these new requirements from the biden administration are saying they can only focus on three specific populations of individuals which we know are very small and in essence saying ignore everyone else and if you don't have to ignore you have to get a manager approval, send a report to the secretary,
putting of steps in place to this incentivize law-enforcement officers to do their job and that is dangerous from a variety of different fronts and it incentivizes individuals to break the law to enter the country illegally because whether it is stopping the border wall construction, tearing down mtp or a variety of other things, amnesty, it is a welcome sign to come into the country because he will likely be able to stay here and disappear into the shadows. dave: it may be a small point compared to other issues we are talking about but there is some indication illegal immigrants are getting covid vaccines at detention centers. what are your thoughts about that? >> i read about that as well and what that is referring to is each individual state is allowing some vaccines to go to various detention centers to include ice detention centers and ice medical staff can
administer those. i have concerns with that, we need to make sure we have americans vaccinated first and foremost but there are sensitive populations in these detention centers, individuals that are very old and more susceptible to the virus and they get vaccinated that is one thing versus the entire population getting vaccinated across the board. i would be concerned about that. dave: retired army lieutenant general russell honory will be the investigation into the capitol hill riots but over the summer the same general said you should leave your job for what he says was your mishandling of the portland protest. your reaction. >> i appreciate the general service to the country, on portland he is dead wrong. the facts, the history, everything proved that to him.
i have seen his quote, what he is referring to is not a dhs law-enforcement individual. if he's going to criticize, callout individuals he needs to understand his facts and when he doesn't he looks ignorant, doesn't look like he knows what he's talking about. he rushed to judgment regarding his comments regarding portland. i would be concerned about the action he would take when reviewing the security of the capital making sure he doesn't rush to the same judgments and have facts come out after the case and other cut him. dave: thank you very much, appreciate it. show me the hemp stocks, because this is a huge business in florida and ashley webster is at a hemp nursery in fort mead, florida. they could soon grow more hemp than strawberries and your loss amid the hemp by the way. >> skunky snow but no marijuana that is related to the marijuana plant. you are absolutely right. hemp production could double that of strawberries in florida
this year and equal that of watermelon and tomato. it is the hemp plant can produce a lot of things we did fiber is used in all sorts of things, clothing, textiles, car parts, construction materials, you name it. and it can be used for the grain and food. but the real big product these days from hemp is cbd oil, the compound many believe could help relieve anxiety, pain, sleep disorders and it is very profitable and a great alternative to farmers who look for something more outside the traditionals. >> our farmers in florida have been hit hard, production going out of the country. this is the new alternative for them where they can make some money. >> it is a versatile crop, one that has high margins compared to other vegetables and specialty crops and doesn't require grower to totally switch. if you're a tomato grower you can be a tomato grower.
ashley: this is a jar of seeds, 30,000 of them here, $0.50 each, the star is worth 15,$000. hemp has been around for so long, benjamin franklin used it in his first paper mill in the 1750s, that goes back thousands and thousands of years but now the flock of the future and as the process, the actual plant improves the yield improves and cbd could be a 20-$30 billion industry by 2025, so it kind of makes sense for these farmers to give ago. >> we smell that a lot in manhattan on the streets. it is not my favorite smell. thank you very much. the biden administration is ready to restart nuclear talks
with iran. what would a return to the obama era deal mean for our security? former ambassador grinnell joining us on that and game stop issue bringing up the issue of trading taxes but do we need more government interference, we have more varney right after this. ♪♪ playing games with my heart. ♪♪ i should have known ♪♪ my heart at fidelity, you get personalized wealth planning and unmatched overall value. together with a dedicated advisor, you'll make a plan that can adjust as your life changes, with access to tax-smart investing strategies that help you keep more of what you earn. and with brokerage accounts, you see what you'll pay before you trade.
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community is built around every other culture. we learned our country, the growth and middle class, entrepreneurs. i grew up in the 1960s, 50% of african-americans were part of the middle class. if you take out the belief in that history then we go from civil war to civil rights and we are owed all this backpay. it is nothing but redistribution. it has been tried for over 100 years. it is called socialism, marxism. it doesn't work. dave: what i love about the way you look at things, you bring up the emotional core of the issue. a great economist, thomas soul started as a marxist african-american who was from harlem. he became a free-market here,
he studied the issue of the development of having americans since slavery, founded in the late 1800s. african americans were approaching an income level of white americans and that stopped with the jim crow laws in the early part of the twentieth century and that led to the problems we have with segregation. but they did that without welfare. like most americans who existed from time immemorial, given the freedom necessary, americans rise to the occasion no matter hard they were beaten down. >> how long he has been here, if you lean in hard to make the country great you literally her generation a from the middle class. in the 1950s, how many people can say they did that. i had an uncle in the 1960s,
from texas to chicago. how many white americans did that. the history of our success, that is what the left cannot stand for. the worst thing that can happen to the left is the black american middle class in the past and the present. we are independent, don't care about government taking care of us. dave: the whole idea of victimhood, power over politicians, victims who deserved this. it is an insult to the people who they assign victimhood too. is it not? >> you nailed it. my parents generation consider this nothing but an insult big time, they work too hard to command respect her meritocracy. it doesn't matter what color
these people are, that is what we need to be -- it is not each other, those who wants to put people down and divide us in every way to do so. dave: you know who understood that was rush limbaugh. i know you have a connection with him you would like to talk about. >> i set up my meetings to listen to him. and tried to call in, and to be a chimney sweep, he bought onto the fact that black americans, conservative black americans would be the answer to our place, people like myself, that is the difference in my community. not whites or blacks that stand
up and ask to man up and take care of ourselves, when i decided to write a book in 26 years later decided to did so. stuart love that. that connection, that friendship allowed me to understand who i was. it was a tremendous impact on me the people, he was the epitome of the american dream, not the wealth but the idea of hope and that is what we can do no matter how wealthy we are or how poorly are. dave: you are living the american dream as well. congratulations on being a member of congress and you are always welcome here, you make such good sense, congressman burgess owens, thank you very much. show me the shorted stocks and bring in susan lee.
the undercurrent of what we talked about yesterday. >> instead of shortselling, game stop and regulatory reform. the democratic congressional committee members pushing for a new trading taxes with every trade takes place on the stock market which can griffin pointed out would hurt retirement funds and heard the average american. listen to the exchange between griffin and squad member rashida tlaib. >> we firmly believe the transaction tax will injure americans. i believe vanguard has publicly come out, you have to do that - it is important. >> reclaiming my time. to gaslight the american people, you will be fine with the tax.
>> the trading tax would bring in $107 billion in a decade according to the congressional budget office. at what cost? that means average americans will have to pay more for managed retirement. alexandria ocasio cortez in this hearing taking aim at robin hood's ceo questioning if robin hood's trades are free and if he would commit to sharing some of the money from selling robin hood trades to citadel. you hear the theme of taxing and sharing the wealth throughout the democratic process and questioning some of these individuals yesterday. dave: the undercurrent of conversation. we have a record to tell you about, the dow hit a new time high, the markets taking a turn up words. it is getting close to one% gain on their nasdaq, very
close to the 14,000 mark. good news on the market friends. calls are growing to can sell one of the kardashian sister, why the tequila brand is sparking controversy coming up. caught on camera mocking parents for wanting to reopen schools, the video is outrageous. we are going to play it for you next. ♪♪
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>> they want our babysitters back. >> the meeting is open to the public right now. >> that is what lori just said. >> great. dave: there are now calls for them to resign. >> it looks like one of them has. that is the board of trustees representing students in one district in california. how would you feel if you were listening to that. whether the school board what are not and you were call they hard-hit and needed a babysitter because after one year, and for all the board members, it is hard for a lot of people to hear coming from administrators and educators. dave: it is unbelievable.
it is awful. i'm glad one of them reside and maybe others will as well. the petition to recall gavin newsom has more than enough signatures to get it on the ballot but one democrat strategist says the recall is unlikely to happen. acting dni director, rick grunell has done so much more. as we get closer to recover the california governor, anymore thoughts from you about running? >> we have to stay focused on this recall, the national media has missed this story. the longest time over the last 7 or 8 months we have been gathering signatures. the national media are catching up and claiming that we made it. we haven't made it. we have a real crisis going on with this recall.
you need 1.5 million verified signatures, we have one.6 unverified and we now have a state senator in california who announced yesterday in a slip of the tongue to a reporter that they have a collective campaign to get rid of signatures and this is the one party rule state. are secretary of state is going to go through every single signature and throw out as many as they need. you have never seen a signature verification process like what is about to happen in california in 2021. dave: that's why you need a buffer of 500,000 votes, 500,000 signatures. >> we don't know what we are dealing with. we might need more than that. we are dealing with a system in california that is absolutely do what they can, gavin newsom and his team will throw out as many signatures as they can so they don't have to face the voters.
dave: you are focused on the recall before thinking of the governorship. let me move on to the international -- >> everybody should be. i don't think anybody should talk about them thing that is not coming to fruition. dave: you have a lot of experience in the international front. that is how we met at the un. i am wondering about the iranian talks that will be reinitiated by the biden administration. what are your thoughts on that? >> really unbelievable movement over the last couple days. iran threatened to kick out un inspectors, no un inspectors would go in and we have a system where they don't get to go everywhere or get to be 24/7, looking throughout the entire country so the minimal inspections we have are about to get thrown out. iran literally threatened the biden administration and said if you don't do this, drop the
sanctions, if you don't come back when we do trade with the europeans, we are going to lock it down and not have any inspections. the foreign minister in germany says iran is playing with fire. dominic rob, foreign secretary in the uk says this is very worrying what the iranians are doing. how does the biden administration response? that used sanctions, the snapback sanctions are over. with the iranian diplomat through new york, the biden administration is afraid of iran. iran threatens the biden administration immediately reacted, we have socialist foreign ministers in germany saying iran is playing with
fire and secretary blinken and president biden have no idea what they are doing, they are weekend the iranian snow it. dave: we have 20 seconds but i have to ask about the abraham accords, this deals directly with israel during the trump administration. they are wondering maybe we will pull out of this. any danger talks with iran until the abraham accords. >> the opposite may happen because we got the abraham accords in motion because of the week obama biden policies. our allies in the region realize what it is like when the us is weak and that is why they are trying to blend iran, have a better relationship with israel, we had so much progress in the middle east, the week biden team, jake sullivan should be included in this, the weakness of them, iran is
smelling the weakness and north korea is going to be next. dave: we will wait for that. at least the abraham accords look to be in good shape. good to see you. did you see this? senator ted cruz welcomed back from his trip to mexico with a barrage of cameras. the media is tearing them apart leaving texas during a disaster but where is the same outrage for governor andrew cuomo and his nursing home disaster? joe consciousa is all over this.
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>> when the going gets tough the tough don't run to cancun. spring break 93 and i can tell you some stories. 47 that in texas, and 11-year-old died in an unheated mobile home, a serious situation. he deserves everything he is getting right now. that said, andrew cuomo, deserves to be equally scrutinized and criticized, you could say even more, you are talking 9000 undercounted deaths in nursing homes, putting kayleigh mcenany for positive patients beckons those nursing homes, for a full year you had a media, most of it not even scrutinizing cuomo in any shape or form to the point he resisted calls for independent investigations. cuomo is the good guy and trump is the villain. one is a leader, one isn't and that is what we have.
all we want is consistency. the media bears the blame for divide in this country and this is exhibit a around selective outrage for republicans and democrats in the situation. dave: i want to talk about something that relates to rush limbaugh. in light of his passing this week there is talk about the fairness doctrine which demanded broadcasters on both sides of any issue, some people said when reagan got rid of the fairness doctrine in the 80s that gave like to broadcasters like rush limbaugh and the liberals say maybe that means we should bring it back into being, the fairness doctrine. do you think that might happen? >> can't see how it would logically. we hear about truth commissions, alexandria ocasio cortez wants to form something
like that. how do you enforce this? rush limbaugh wasn't a journalist or broadcaster, he was an entertainer. he understood that is what talk radio is all about. i don't know who you put on such a truth commission or enacting a fairness doctrine, eric's wallwell, adam should? it is so arbitrary. dave: so much has happened since we got rid of the fairness doctrine was everything reagan said would happen as a result of getting rid of it has happened, we have this diversity of opinion, some say too much rather than too little. leave it at that, having a wonderful weekend. thank you so much. we have more varney right after this, stay with us. ♪♪ into this chip. i invested in invesco qqq. a fund that invests in the innovators of the nasdaq 100, like you. become an agent of innovation with invesco qqq. ♪♪
dave: we are still in record territory on the dow jones industrial, 119 is the magic number, up 132 points, anything above a hundred and 19-point gain for the dow as we close it will be a record, that is good news and other good news, great news from lauren, you are going on maternity leave, not that you're leaving but the fact that you're having a beautiful new baby, number three we cannot wait to meet her. >> i always go into the last possible minute and for my last child i had to cancel a varney
hit because i was in labor, the same thing happened this time. dave: my wife is the same way she worked right up until the day before she had the baby, full-time. it is just one thing guys will never get how you do that. congratulations, have a wonderful baby girl. neil cavuto i leave you with a great news from lauren. neil: that's going to be hard to top. just a reminder what they're like when their two natures. i'll leave it at that. it is all just beautiful. a hallmark commercial. thank you, my friend, david if you could work a little harder, that would help. in the meantime, working hard to get vaccines out, that is not the problem there's plenty of vaccines a couple more for emergency use and you know that would lay the groundwork for er