tv Varney Company FOX Business April 7, 2021 9:00am-12:00pm EDT
so, enroll today, before the moment slips away. it's time to take advantage. maria: big thank you to me and patrice. thank you. read to see you. have a great day. we will see you tomorrow. "varney & co." against right now. take it away, stu. stuart: good morning. remembered the expression, the goldilocks economy? not too hot, not too cold, just right will goldilocks is back. jamie diamond says we are now in a goldilocks moment and he says vaccines, higher savings rates and enormous government spending will keep the economy expanding into 2023. he sees a lasting boom. jamie diamond is a powerful god, but his
comments aren't having that much effect on the stock prices at least not in the early going. investors are waiting for this afternoon when the fed may offer a hint about the future of its money printing program. as of now with about a half-hour to go before trading, the dow jones is off about 40, s&p down five and nasdaq down about 35, mightily to the downside. this came as a surprise at least to me, amazon jeff bezos has come out in favor in the hike of the corporate tax rate. perhaps he's cozying up to the administration because amazon is under attack from unions and the far left like social media platform ¢-cent-sign conservatives to cozy up with the white house, that's what it appears amazon is doing. j-- jeff bezos in favor of higher corporate tax rate. we have a big show with a lot to cover. why did baseball move its all-star game to state with more restrictive voting rolls when georgia?
jen psaki found hard to explain. why did the media laugh when president trump promised mass vaccinations by april? it happened, 150 million people have had at least one a shot and it looks like president biden is trying to take credit. i think president trump. new york, a lost cause as the state's new budget proposes a massive increase in spending and taxation. it includes buildings for illegals who missed out on federal-aid. the exodus continues, heads of florida, there's more people coming down there. it's wednesday, april 7, 2021, "varney & co." is about to begin. ♪♪
stuart: let's move on. it's official, you know this now, major league baseball has moved the all-star game from atlanta to denver and look who is with us, mark tepper. i know he's hot under the collar about baseball. before we launch into baseball, i have to get your comment on jamie diamond. as i'm sure you know he sees the boom going into 2023. what impact do you think that would have on the stock market? >> so, i actually think the boom may go longer. when you look at the talk over the infrastructure package that could be a five to 10 year program so there's an opportunity it could be longer than that. of the impact on the stock market, i mean, the stock market is in a sweet spot now. there's a ton of tailwind behind you, vaccinations are going up, reopening picking up steam with an absolute time of pent-up demand and like jamie says the savings rate right now
is a skyhigh with a tone of money sitting on the sidelines in the savings and as the stuff comes back into the economy it will help all the companies as we expect record earning numbers this year and i think it will continue to go up. stuart: continue to go up, are you a bit worried about midyear when we might get a hangover from the spending and the rest of it? >> yeah, especially as taxes go up next year comes so you look towards the second half of the year and i would expect more correction. i mean, last you was like an anomaly and i wouldn't expect that to be a normal stock market year going forward. we are back to normalcy right now so the market will trend upward, but i think the easy money has been made so expect corrections to use those corrections optimistically. stuart: i am staying in, not selling at. marker, i know you want to do politics now, i know you do. major league baseball, a
bunch of hypocrites. i am entirely in agreement. go-ahead. >> let's be clear, i love baseball. i grew up playing it and i love my cleveland indians even of a stink right now, but the all-star game movies hypocritical. this is the same mlb that won't allow peter rosen hall the hall of the same because of gambling while they pump draftkings during every single game. they won't let dan gilbert 019 because he owns a casino yet the league has ownership stake in draftkings, the same mlb that once my idea will call and they're a member-- they are commissioner has a membership at augusta, this is also a league that's used to two people voting multiple times on their all-star ballot submit to take that into consideration the move does not make sense as they pull it from george and moving to colorado who already requires voter id and there's fewer early
voting days so they are trying to prove a point that their disadvantaging all those black-owned businesses in atlanta that would benefit because atlantic city 1% black and denver is only 9% black. stuart: i wish we could keep politics out of the sports. when i watch football, baseball, all i want to see is the game. i don't want a political message of any kind took last 20 seconds to you. >> sports are supposed to be a relief valve. i work my butt off all week and i'm sick and tired of politics i think we need to stay in our to being crushed
suzanne: on another look at futures, opening the market 20 minutes away, but not a huge loss. ivan update on the housing market. mortgage applications are up 51% year-over-year. remember we are comparing early april 2020 to early april now, that accounts a 50% difference, the rate on the 30 year fixed-rate mortgage is above a 3%. refi applications are down considerably. down to the slowest pace since last june. you are about to see a
fairly empty sixth avenue new york and the state just approved a budget which are dramatically raises a and of course taxes on the rich. if you want to climb the ladder to the very top, leave new york now, that's my message and that's "my take" coming up at the top of the 10 a.m. hour. a new study claims one third of covid survivors suffer brain or mental disorders. i will ask a doctor about the meaning of that when he joins me in one moment. one more check of the futures, 20 odd minutes to go and we are down across the board but that is not a lot of red ink. we will be back.
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act now! >> minor loss expected at the opening bell. president biden moved up his deadline to states making vaccines available for all adults in the deadline is april 19 to be available to all. ashley, wasn't this the same timeline president from set up months ago? ashley: yes, it was back in september of last year when president from blade out the vaccine timeline availability saying everyone would have access to the doses by april of this year. let's go back and take a listen. >> as operation work speed, manufacturing the promising vaccines in
advance with hundreds of millions of doses available every month and it we expect to have enough vaccines for every american by april. ashley: there you have it, but the mainstream media scoffed. look at the headlines from last september, "washington post", trump says without evidence every american look at coronavirus vaccine by april that was in september. same-day cnn, trump said every american can get a coronavirus vaccine by april but experts say that's not likely. the mainstream media will not acknowledge mr. trump, then president was correct. they say the facts speak for themselves. we are coming into april and president trump predicted it and he was right, but he will never get any you know apologies for those comments made. stuart: i'm going to move on because my head will explode,
that you are absolutely correct. still on the vaccine situation, oxford university suspending astrazeneca's vaccination in a trial for children. let's bring in dr. bob lahita who joins us now. astrazeneca seems to have a lot of problems and now they have a problem with vaccinating children. are you worried about this? >> i don't understand why they have a problem vaccinating children unless they are concerned about the clotting issue. the clotting issue is very rare and a some people in the population very rarely have a pro- coagulant state meaning the tendency to clot is high and they get low platelets in the clot, they have strokes and this is a problem, but the risk-benefit ratio, which is something we always consider means the risk is exceedingly low and the benefit is great to getting the vaccine. i don't know about the children's study. i heard that was stopped
for some reason. it could be due to the clotting issue. stuart: i want to move on to a new study finding one third of: survivors suffer neurological or mental disorders, this is after they survived the disorder. is this permanent damage, doctor? >> we really don't know. this is part of the so-called long-haul syndrome and it's very interesting. this is out of lancet psychiatry out of london , and basically most of the people studied were 230,000 americans. 20% and we see this, i see this every day just about 20% have mental aberrations after this three months out from the infection and six months out about 34% mostly anxiety and mood disorders. we get those rare situations where people are demented or they have strokes and those
are usually people on ventilators in intensive care, so 7% have strokes and 2% come out with dementia which is worrisome particularly in a young person, but the mood disorders and depression and anxiety is something we have a lot of long-haul, we call that. stuart: got it. the cdc now says the chance of getting covid from a surface is less than one in 10000, so have been we then wasting our time scrubbing and disinfecting? >> i told the nurses this morning based on the report we have that we spend hundreds if not hundreds of thousands of dollars in this country buying disinfectants wiping down everything from armchairs to computers and it may be a waste of time. only porous surfaces, those that have a little microscopic pores like
cloth chairs for example are likely to hold the virus for maybe one or two days. the rest of the areas we call them full mites like forks, spoons, glasses probably unnecessary to get crazy about disinfecting all messed up everyday. i think about pews in church, the guy that runs around with the spray screen the pews this-- between and may be waste of time and money. stuart: okay. 20-- putting it bluntly. thank you. come back soon. we saw the same thing here starting tomorrow disney world in florida will allow guests to take off their masks for photos as long as they are outside. it's enough to wear a mask at all other times except swimming, eating, drinking and taking photos. welcome aboard. the market will be down
just a little at the opening bell this morning, 30 points down to the dow jones, 20 for the nasdaq. everyone is waiting for the fed this afternoon. what are they going to do about printing money in the future, we will find out in the market will react. back in a moment. ♪♪ ♪♪ ♪ ♪i've got the brains you've got the looks♪ ♪let's make lots of money♪ ♪you've got the brawn♪ ♪i've got the brains♪ ♪let's make lots of♪ ♪uh uh uh♪ ♪oohhh there's a lot of opportunities♪ with allstate, drivers who switched saved over $700.
stuart: there was blockbuster news this morning from jamie diamond, perhaps america's best-known and most powerful banker. he has been saying we will have a strong economy they peeled away into 2023. let's bring in market watcher of the moment bob doll. i am sure you saw the headline, jamie diamond rocketship the client-- rocketship economy into 2023. what effect will that have on the stock market if he is correct? >> almost everyone, myself included looking for a very strong 2021 into 2022. 2023 a long time away and if we continue with strong growth, at some point interest rates and
inflation will move higher and that will start to be a cross wind for the stock market, but that's a long way off and i hope he's right. we certainly have started first quarter-- quarter green said they will be off the charts. stuart: off the charts, first quarter earnings, profits off the charts. what do you mean off the charts because that's the backbone for the stock market. >> bernie's should be up at least 25% and i think we will have more surprise to the upside than not on the backside of an economy picking up -- thank you vaccines, thank you lessening of the fear and all the stimulus for all the problems that might cause long-term. in the short term, it's a big time wind in the sales were the economy and earnings. stuart: i know you are a market watcher, but i'm going to ask you to dip your foot into politics. how do you feel about
companies jumping on the anti- georgia bandwagon and corporations weighing in on politics? to put it bluntly, some corporations appear to be run by their bloke in-- bloke employees and i don't like that. if i am as shareholder i own the company, not the employees. >> i am so with you. politics has its place, sports has its place, corporations have their place, but when they interact the world gets confused and i think in trouble so i'm with you, let them do what they are supposed to do, watcher constituencies, not saying that's an important. it's hugely important how you treat your employees and your environment in your community, but you are in business to sell whatever it is you are selling and do the best of your competition. let's keep in our lanes, sports lane, politic
lane, corporately and if you will. stuart: silos i like to call them. one last one, what would be the big red flag that we should be watching for which is says wait a minute, this market rally has run its course , with the red flag? >> i think we will see deterioration in the market. most companies have been moving up, not that many moving down in terms of stocks. fundamentals to watch, inflation, interest rates in the markets reaction to taxes when they show up. stuart: expecting anything from the fed this afternoon? >> i don't think so. i think will be business as it's been, step up of approval, economy is improving and i can just buying time. stuart: president biden said he's not worried the higher tax rates would drive companies out of the country. what say you? >> the history is if rates go high enough,
people leave, companies leave and we even see it in the us, if my state raises taxes too much i think about moving to another state so migration does happen and taxes are one of many variables. we can't overtax. we have had that the past and it slows down economic growth. stuart: yes, sir. bob doll, thank you for joining us. we have about one minute to go before we open this stock market. we have been telling you all morning the movement premarket opening has been very limited. look on the screen. down it may be down.points, nasdaq baby 18 even though we have had this statement from the top they grin the country jamie diamond who sees a riproaring economy for a couple of years, despite that, not much movement for stocks in the early going because a lot of people are waiting for the federal reserve. they will release their
minutes about 2:00 p.m. we will look for some hints as to what the fed is thinking and when they might on the brakes. any news like that and that will move the markets. the markets are open on this wednesday, april 7. in the early going as expected, a minor downside move for the dow industrials with a loss of .06%. s&p 500, down .5%. no movement. the nasdaq, we have a downside movement .14%, in other words not much movement. waiting for the fed. now, carnival reported a big loss this morning, but i think the stock is up maybe 3%. ashley, is this because
they are getting ready at least to sail again? ashley: they are. they say six of their nine brands are excited to start sailing this summer with a limited number of guests onboard but at least they are sailing. other encouraging news, booking volumes in the first order of this year when 90% higher from the previous quarter and for next year 2022, even better than 2019 where they saw a very strong year and carnival says they are doing this without any marketing or advertising, so the pent-up demand is there and it's giving the stock a boost. of course they posted a big loss as their boats and ships are stuck in ports, but the stock is up nearly 3%. looking at other cruiseship operators, news has been good and of course it's based on the back-- vaccine rollout.
royal caribbean also of more than 3%. all the news so far has been very positive if they can just get out by summer, they can put this behind them. stuart: pent-up demand story. after a year of being locked up, a lot of people want to get out and about again and if the cruise lines reflect that in their stock price. thank you. beyond me, expanding outside the us and have announced the first plant -based b-- meet manufacturing facility in shanghai increasing the speed, scale in production of distribution. beyond meet will open a facility in europe, beyond meet this morning 137. i think viacom cbs has gotten an upgrade. just a moment, that stock has been clobbered in the last few days, last couple of weeks and now there's an upgrade?
ashley: it's been hit from both sides with the media coming stocks upgraded to outperform at wolf research which says the stock they believe is an attractive valuation point following the recent volatility you were talking about which saw it nearly doubling and give back those gains, but there you have it viacom cbs up nearly 2% today, maybe better days ahead. we will see. ashley: also discovery stock up today 2% with a nice price target rate from $35 to $60 i deutsche bank. up again, 2%. stuart: got it. now the dow jones has turned to the upside
with a 40-point game. here are the winners, american express, got a bill morgan, coca-cola and merck. the stocks in the s&p 500 index, big winner is cardinal corporation, discovery, norwegian, royal caribbean on the upside. on the nasdaq, the winners are: fox corporation, united airlines, american, paychecks, ultra beauty on the upside gaining ground and then tesla and they are responding to china over car camera privacy concerns. what are they saying? ashley: it's interesting, on the chinese social media page tesla says its cameras in tesla vehicles are not activated outside of north america, trying to dampen security concerns and according to reuters tesla faces scrutiny in china after the military bandit tesla cars in
march from entering its complexes appear the site security concerns over cameras in the vehicle's. at a virtual form in beijing elon musk said if tesla cars are used to spy in china or anywhere for that matter they would immediately be shut down, and does not serve any purpose. chine is a key battleground for electric vehicles and last year 30% of tesla sales came from china. stuart: it's vital to them just like apple. how about ups? they have agreed to buy i think 10 electric vertical takeoff planes from beta technologies. these are called eva told they take off like a helicopter fly like a plane. they can carry 1400 pounds and can be delivered by 2024 if they get approval.
this is another development and rapid delivery technology, ups stock virtually unchanged. we are five minutes into the trading session and we are up 60 points for the dow jones. close to my 33500 again, getting back up there near the all-time high. 10 year treasury yield, 1.66%, up from yesterday the price of gold, $1736 per ounce. bitcoin $56000 a coin, down 3%. is volatile and down 3% today. price of oil $59 a barrel with gasoline holding steady at $2.87 per gallon. that is up 92 cents from one year ago today. remember that was the height of the locked down so to and gas
prices were below $2. meet army veteran kathy barnett, she hopes to be the first black republican women elected to the senate. watch this. >> joe biden might not think i'm black enough because i want to just shot up and do what i'm told and dc might not be ready for me, but i have never been more ready for this fight. stuart: you will hear a lot more from her when she joined me on the show next hour. i wonder if she will be canceled for visiting with me. president biden says we are still not at the finish line for the virus. i tend to disagree. americans recovery is powering ahead and i will tell you why in "my take" at the top of the 11:00 o'clock hour. ♪♪ ♪♪
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stuart: it's an upside move for the dow jones for the benefit of radio listeners, the dow jones is up 65 points. have a look at big tech. microsoft, alphabet, amazon, facebook up. the only loser at the moment is apple. microsoft, by the way, close to an all-time high. this just coming out as, national institute of health beginning a study on allergic reaction to the pfizer vaccine. data would be the moderna and pfizer vaccine. the trial will look at determining if those who have massed to-- it massed cell disorder are at higher risk for allergic reactions with results expected late summer 2021. pfizer stock around $36 a share and moderna is
down 1.2%. j.p. morgan chase, jamie diamond says he's bullish on the economy all the way through until 2023. that's quite a statement. ashley: it is a statement. became at his annual shareholder letter. he said quote i have little doubt that with the excess savings, new stimulus savings, huge deficit spending, more qe, and new potential of the structure built a successful vaccine and euphoric around the end of the pandemic that the us economy will likely boom, so a lot of reasons given. diamond says the magnitude of government spending during the pandemic has far exceeded the response of the financial crisis and economic boom could run well into 2023. as for the markets, diamond called the stock
valuations quite high and said the multiyear boom may justify the current level. interestingness. stuart: she has a lot of reasons for being super bullish. thank you. economists jon lonski is with us right now. seems to me jamie diamond is saying what you have been saying for some time, we have a rocketship economy. he think it lasts until 2023. word used in on that? >> i go along with the consensus and begins to slow down by the second half of 2022. when we are talking about just how great the economy is supposed to do over the next couple of years, i can't help but notice the 10 year treasury yield at 1.7%, i would think if the growth outlook was really this positive and treasury bond market believed it that 10 year yield would move above 1.7%, so there are some
lingering doubts. we have a report from the new york fed recently that said stimulus payments received by household, only 21% was spent. stuart: only would-- only 21%, i need you to explain this to me, we have 7.4 million job openings reported for the month of february, at straws available. why are so many open and available and unfilled jobs? >> this is highly unusual for was perhaps only six to 12 month into an economic recovery. i think what is taking place, number one some still fear the virus underwent back to work. we also have a problem with supplemental unemployment benefits that are discouraging lesser skilled workers from taking jobs for the simple reason they get
paid more not to work van to work. finally, there could be a lack of qualified workers. the nfib did a survey of small businesses in february and ask what is your biggest problem, it was not taxes, it was not regulation, the biggest problem was quality of labor. i will add to that, in the month of february, a record high 40% of surveyed small businesses claimed that jobs were hard to fill. less than a year into an economic recovery. stuart: if you check all this money into the economy, don't you prolong the doldrums so to speak because people won't go back to work and they are spending all their emergency cash? >> the supplemental benefits i believe they do not expire until early september 2021. so, businesses may have
difficulty attracting some of these lower paid lesser skilled workers as long as they get more money staying home and collecting unemployment than taking on a job. that could be a problem for some time. now what they are looking at is the potential acceleration of wages of labor cost which may be good for workers, but might have the affect of squeezing profit margins thereby questioning these recent advances that we have in the equity markets. stuart: it would be good for president biden in 2022 if he had an explosion in wages at the end of this year. politically that's real good. thank you. we appreciate it. i was going to ask about the housing market, but i'm out of time. treasury secretary janet yellen says the five for climate change lost for
important years. ashley, is she blaming president trump, i guess she is. ashley: no big surprise, yes, she is. she made the remarks while attending her first meeting with the coalition of finance ministers of climate action. or she says the us is committed to reaching the reduced emissions goal of 2030 that was set by the obama era paris climate agreement. she says the treasury department will determine the financial risk that are presented by climate change and how to mitigate the consequences. janet yellen says treasury will support efforts to quote that are identified climate aligned investment and encourage financial institutions to align their portfolios and strategies with the objective of the paris agreement. no big surprise where this is headed, basically undoing the last four years of president trump.
stuart: emma climate treasury secretary, got it. i'm going to show you this, i regret to do this, but heartbreaking video of a young boy abandoned at the border. at this really exposes what is really going on here could just watch this. stuart: they abandoned me, extraordinary. if you are a parent you have to feel for that youngster and you have to ask how did this happen and why did it happen. we will cover it for you. the unions are going after amazon and some politicians are going after amazon and so to our small businesses. we have the story after this. ♪♪ ♪♪
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week. we are also hearing small businesses are having a go at amazon as well. hillary vaughn is with us. hillary, how a small business taking action against the mighty amazon? reporter: they are taking a card from amazon's playbook by trying to form a coalition to lobby lawmakers on capitol hill to try to guide them to stricter antitrust laws that would result in amazon having to split its private brand business off of its online marketplace. of the coalition of small businesses across 12 different cities are banding together forming a coalition to lobby for these laws to be changed it. the businesses range from small hardware stores, office supplies, booksellers and grocers. they want federal legislation to prevent a dominant online marketplace like amazon from selling its own products in competition
right alongside other sellers. the house antitrust subcommittee has talked to jeff bezos. he testified about antitrust issues and faced questions about whether or not amazon uses data from their site of popular products picking up steam to then make their own amazon brand. he says they have rules against that at the company, but cannot guarantee it will have never been violated. to create their own amazon back-- brand products but amazon is dreck the responding to the small business coalition saying they are brand and their third-party sellers actually complement each other on their site and they also say in a statement given to his foxbusiness that small and do-- bedside business sales are growing faster than amazon first party sales and we are waiting to see what type of anti- trust crackdown will come out of congress. it's something democrats
in the house and senate are looking at, but we really don't have any idea how far they are willing to go and whether or not it would force amazon to separate its own brand of its online marketplace. stuart? stuart: that is the threat may be white jeff bezos favors higher corporate tax rates in line with the president. thank you. ahead on this program today, liz p, kathy barnette, martha maccallum, commerce and jim jordan. second hour of "varney & co." is the next. ♪♪ ♪♪ . .
♪. stuart: can't stop the feeling. yeah, i know what you mean. good morning, everyone, 10:00 eastern time here in new york city. people waiting for the fed minutes to be released, about 2:00 eastern this afternoon. the 10-year treasury yield around 1.6% at last count. 165 right now. bitcoin they have moved a bit
lower. done to $56,000. this just in, we learned more than 156 million stimulus checks have been sent out sofar. that amounts to $372 billion. that is a huge and very sudden injection much money right into the economy. 156 million checks. pretty big. now this. they just can't help themselves. they never saw a tax they didn't like and never met a voting group they didn't try to buy. we're talking about new york state but the message applies to other big states that have been run by democrats for years. joe biden's win only encouraged them to dig in their heels, tax more, spend more that is what new york is doing, even though they got a 12 billion-dollar bailout from the feds. new york state just approved a budget which dramatically raises
spend and raises taxes on the hated rich. new york will have the highest taxes in the nation even beating california and would you believe there is a 2 billion-dollar fund in that new york budget which will make payments to illegals who did not get federal help. according to the state's gop chair some will get checks for $25,000. how is this going to grow new york's economy? answer, it won't. it may get democrats elected because they're buying vote. who cares about the rich but all those people who left for low tax florida, tennessee, texas, elsewhere will be very unhappy returning to the same old, same old. the national media, heavily concentrated in new york continues to trash successful republican states. witness the hit job "60 minutes" did on florida's governor detan sis. they wouldn't go after andrew cuomo or gavin newsom and all their scandals. oh, no. they won't go after president
biden's outrageous characterization of georgia's voting law, passed by a republican governor. nothing is going to change. big democrat states all got massive federal bailouts. instead of starting out fresh with a clean slate, they keep digging theirselves deeper in the tax-and-spend morass. you want a handout? you jealous of the rich? stay in new york. you want your freedom? you want to climb the ladder to the very top? leave new york. second hour of "varney & company" is about to begin. ♪ stuart: liz peek joins us this wednesday morning and i'm dying to ask you, how soon, how quickly do you expect new york to recover? >> hello, stuart. based on what you just talked about and this hike in taxes they're putting through i think
new york is in serious trouble and let's review why. over the last decade over a million people have left new york. in the last two years that accelerated probably 300,000 people have left new york. in the past when the city ran into trouble, those people who left came back because the city had so much to offer. what does it have to offer now? rising crime? rising homelessness? lack of jobs? yes, extremely high taxes which is the number one reason those people gave for leaving the state. incredibly stupid thing is they don't need the money. as you point out the federal bailout is going to take care of the budget gap in new york city. over 40% of taxes in new york city are paid by the very wealthy who now will face an incremental or marginal tax rate of over 70%, stuart. so just think about that now. very wealthiest people in the state, in the city, who have ever on taunt to move elsewhere
on every opportunity to move elsewhere because of remote work which is a huge negative for the city, will only keep 30, 35 cents of ever dollar they make over a certain level. hard to conceive of a more terrifying prospect for the city. here is the very scary thing to me, blue states, blue mayors, governors are so behind the race versus red states that the federal government now, congress is trying to pass laws to take away the advantages that red states have implemented for themselves on their own. like the right to work status. 27 states have right to work laws. congress, the democrats in congress want to make that illegal. they want to make illegal in some cases states managing their own taxes. i mean this is an incredible assault on states rights. it is because democrats are losing. stuart: i'm god to see we're still in lockstep agreement
there, liz peek. i look at it as a wasted opportunity. i mean the federal government came in with billions and billions and billions of dollars. they could have had a clean slate, they could have done the right thing, lowered taxes invite people to come on back, we need your money. no, they're just pushing away. unbelievable. i'm out of time, liz, i enjoy talking to you. >> thanks, stuart. stuart: thank you. check that market, please, because we got some green on the screen. we're up 20 for the dow. 33,450. the nasdaq is at 13,700, up very slightly. look who is here. mark grant. mark, you got to address jamie dimon. you know what he has been saying. he is saying in the annual letter to shareholders, we'll have a rocket ship economy, an economic boom that lasts into 2023 i know this is not really your field, but what impact that
you have, if we get that kind of economy what impact on the markets? >> it will be a very positive for the markets, stuart. by the way i want to take one second. as you know i live in fort lauderdale. we have no state tax. i'm inviting you and fox network to move down to fort lauderdale. so there you go. stuart: if we come down, it won't be to fort lauderdale. it will be on the gulf coast but that is another story entirely. >> i look -- i look to the economy stuart to do very well over the next few years as long as the fed keeps their policies in place, interest rates remain low. i said a couple times you know, we're in this borrower's paradise. on the other hand made it very difficult for seniors, retirees and pension funds and so forth to get any kind of return, especially in fixed income in the bond markets. stuart: it is a real dilemma for
someone, of retirement age, put it like that. because you're bound to be a little worried about this extraordinary stock market rally and how long it will last but if you go outside of the stock market, where do you get anything to live on? bonds pay you virtually nothing. >> right. stuart: i'm really dubious about bit down and spacs and some of the other more interesting investments. so where does that leave our viewers? i mean in a real quandary i think. >> well there is one place where you can get attractive yields especially compared to the bond market. and those are in closed end funds and a few exchange traded funds. the problem with those for most of your viewers they're complicated. you have to run about 10 or 20 different scenarios to figure out which ones make sense. you can still get attractive yields in those two products if you know what you're doing. and that is about the only place you can find yield anymore, stuart. stuart: i think you're right.
that's it. you can go for a stock that pay as high dividend. you probably will be okay but there is not much else. we're not going to paint a bleak picture, mark grant, because the picture is not bleak. the market rally will continue for a few months at least and the economy is doing very well indeed. mark, thanks for joining us. see you soon. >> always a pleasure, stuart. thank you. stuart: beyond meat, going to open a production facility in china. the stock is up a fraction. 134 is your price. american express, kbw, raising its price target to 172. that would be a nice gain wouldn't it? it is at 146 right now. viacom cbs, wolf research upgraded the stock. said the thing is going to outperform. okay, but that thing has been absolutely clobbered in recent weeks because of all kinds of internal turmoil within the market. viacom up 45.
that company says they're going higher. amazon's jeff bezos weighing in on president biden's infrastructure spending plan. all right, ash, what is jeff bezos saying? ashley: well it's interesting. when you're the richest person on earth i guess you can afford some spare cash for extra taxes apparently so this is what jeff bezos actually said. quote, we support the biden administration's focus on making bold investments in american infrastructure. we recognize this investment will require concessions from all sides, both on the specifics of what's included as well as how it gets paid for. assuming that he is supportive of the rise in corporate taxes, because that is what is being presented as, to pay for this project. so basically without actually saying it, bezos seems okay with a hike in the corporate tax rate from 21 to 28%, that the president biden is proposing in
his more than 2 trillion-dollar infrastructure package. biden, by the way, repeatedly attacked amazon for not paying its fair share of taxes, using loopholes to pay zippo. not paying zero dollars in federal income tax in two years. amazon paid 262 million in federal income taxes in 2019 but as you said earlier, stu, this is i think jeff bezos cozying up to the administration to try to get on their favorable side. it is pretty obvious i think. stuart: just like the social networks censoring conservatives to cozy up to a liberal administration. i think there is something similar going there. ashley: yeah. stuart: ash, this is for you, coinbase a cryptocurrency platform. they have got their preliminary first quarter financials. what have they got going for them here, ash? ashley: they go public next week on the nasdaq. it debuts next week and it is boasting some impressive numbers ahead of time, thanks in large
part to the surge of bitcoin. the cryptocurrency exchange company. that is what it does. says, first quarter, revenue climbed about nine fold from last year while revenue jumped to about $1.8 billion compared to 190 million in the same period last year. that is impressive. but we should point out these numbers are preliminary and unaudited. coinbase says it has 56 million verified users. that is a large number. so the answer is 58 billion. the question is how much do you think this company will be evaluated? trading on the private market it would be begged around $68 billion but it could go much higher. it will trade under the ticker symbol coin, c-o-i-n, stu. stuart: that is fascinating. $60 billion worth of value there, bitcoin?
extraordinary stuff, it really is. i can't wrap my arms around it, ashley. ashley: or my head. stuart: that's right. president biden now says everyone who wants a vaccine can get one by april 19th. he is not the first president to say that. watch this. >> hundreds of millions of dose es will be available every month and we expect to have enough vaccine for every american by april. stuart: he said that back in september of last year. the media ridiculed him for it. martha maccallum sounds off on that just ahead. youngsters in seattle finally heading back to school in person but this is what they're seeing? homeless encampments on the way to school. parents absolutely outraged. we have the story for you. one georgia county losing 100 million bucks of revenue without the mlb all-star game.
georgia state senator matt brass says it is all president biden's fault. he is here to make his case after this. ♪. [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. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down? or. do you find, somewhere deep inside of you, the resilience to get up. ♪♪
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♪. stuart: i think it is fair to say that most investors are waiting to see what the federal reserve has to say this afternoon about their money printing operation in the future. stocks little changed ahead of that 2:00 p.m. eastern time announcement. let's take a look at tesla. this is interesting. they want to build the world's largest supercharger site. it is going to be in harris ranch, in california. it would house over 100 charging
stations. i would like to see that. it is in california. that's tesla. 689 is the stock quote. now this, i'm going to show you atlanta's truest park. that is where the braves play. businesses around that park were hoping to cash in from this year's all-star game. now they're grappling with no all-star game. edward lawrence is there. what are business owners saying about this, edward? >> you know not just in that specific area around the park. it is all the metro atlanta area. this would be a boost for the whole area. republicans and democrats alike in this area surprised the game was moved. they're disappointed by that decision. in fact the snap decision to move the game, in that snap decision, 100 companies are called to be boycotted by grassroots groups even though nobody in the state of georgia is calling for a boycott. i'm in manuel's tavern in the high lands area of atlanta.
this tavern was hoping with a big boost during the all-star game. the owner told me it would be the first truly profitable day since the pandemic. in 65 years since the shutdown, he told employees would no longer be able to keep the business going. the community rallied around the business, keeping it alive, offering money and business to this, taking take-out orders. he was truly looking forward to the all-star game as many folks around here. in fact the cobb county tourism travel bureau said they would lose $100 million over the week, by people coming in spending money. 19,000 hotel rooms booked by major league baseball will go unused. all that money left on the table as the game shifts over to colorado. people here on the ground very disappointed in this situation happened. back to you. stuart: i can understand it.
edward lawrence, thank you very much. now i want to bring in georgia state senator matt brass who joins us now. matt, you have, i think, over 3,000 delta workers in your district and delta of course has come out very strongly against georgia's new voting law. how do those delta employees feel about what delta's management has done? >> well, stu, i don't want to speak for all of them but of the 3800, you know i have been hearing a lot from them through emails, text messages and phone calls and they're frustrated. they're frustrated that you know, the ceo is not speaking for all of them. they feel like that their voices haven't been heard and so i'm basically having to do that for them. stuart: the issue, well, there is a two-fold issue here. first of all should corporations be involved in politics as overtly as this?
and secondly, who runs these corporations? is it the shareholder? is it management? or is it the woke employees working for that company? you want to answer that? >> sure. well i think the first part of your question is, should they be involved in politics? and my answer to that is, if you want to get involved in politics be involved in the truth because the truth matters and we've gotten to a point in our country where we use misinformation and these political elitists have used, they have weaponized misinformation to tell lies, to paint a political narrative so that they can either keep or maintain power. and that is wrong. if corporate america wants to get involved in politics, follow the truth. that is what you're seeing with this voting law is. they did not follow the truth. they picked a partisan side. when they did that they told
70 million people, 70 million plus people in this country that voted for donald trump, we don't want your business. i can't imagine that that is a d business model. i can't imagine they sit around in a boardroom, think, how can we lose 70 million people today. i think that goes to answer the second part of your question, who is running it? is it, is it a echo chamber of the board sitting around that are just following, you know bad news cycles? is that what it is? i don't know the answer to that. stuart: got one last one for you. because you are in georgia. the mas terse kicks off tomorrow. that is in a bus at that, georgia. >> yes, sir. stuart: i'm looking at the bedding odds here, dustin johnson is the favorite so to speak at nine to one. i don't know whether you answer this question, sir, but who do you think is going to win? >> so i got to go with my favorite golf analyst,.links.
he says web simpson. he can get webb at 45 to 1. personally go with a fellow bulldog, in kisn-er. go dogs. stuart: we'll not boycott watching the masters in fact. i will watch deliberately. >> no you can't. stuart: you can't miss that one, matt brass, thanks for joining us. >> thank you so much. stuart: sure thing. new details what caused tiger woods' car crash back in february. all right, ashley, what was it? ashley: well, it is interesting. the l.a. county sheriff's department releasing its report on woods' roll over crash today it is expected to say excessive speed was the cause of the crash. according to "tmz," tiger woods was driving 83 miles an hour in a 45 mile-an-hour zone at the time of the crash. in fact, reports say that when
the vehicle first hit the center median, before going on eventually rolling over, woods actually accelerated at that point. he is not expected, however, to be charged or face any citations. so there you have it. excessive speed. we don't know whether he was on the phone or texting at the time because the l.a. county sheriff's department did not ask for a warrant to get those records. they do not believe anything else was at play here except speed. but he will not be charged. meantime, as you said, stu, the masters championship gets under way in augusta. woods will not only miss the tournament but will miss the champions denar tonight. organizers will apparently leave a empty seat in honor of woods. he tweeted a message to defending champion, i will miss running up d.j. johnson's bill at the dinner. still one of my favorite nights
of the year. you saw tiger woods wearing infamous, not infamous, famous green jacket. he won it amazing five times before. unfortunately he will not be there this year because of that dreadful crash, stu. stuart: i wonder if the major league baseball commissioner will go to the masters because he has a club membership at augusta national. ashley: ah. stuart: we shall see. ashley: wouldn't be surprised. stuart: yeah, really. ash, thank very much indeed. now this, wait for it. the prompter says, from toilet paper to condiments. we'll tell you about the next covid shortage. can't wait for that, hey? the republican woman running to be pennsylvania's next senator is taking on president biden and the woke mob in her debut campaign ad. watch this. >> radicals want to control and strip not just black conservatives, but all conservatives of our identity because we dare to think for
ourselves. >> if you have a problem figuring out whether you're for me or trump, you ain't black. stuart: wow, that was, that is a great add. kathy barnette will be here live and in person next. ♪. some say this is my greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;) before nexium 24hr, anna could only imagine a comfortable night's sleep without frequent heartburn waking her up.
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>> joe biden might not think i'm black enough because i won't just shut up and do as i'm told. and d.c. might not be ready for me but i've never been more ready for this fight together we will keep on and send a message to joseph robinette biden, jr., his words will not define us. stuart: that was pretty good, wasn't it? , that was kathy barnette from pennsylvania. she is running to be the first black republican woman in the united states senate. she joins me now. kathy, welcome to the program. good to see you. i just want to say something, you do realize, just appearing on this program with me you cab canceled, you realize that, don't you?
>> you know, because according to joe biden i'm not really black so there is a strong possibility, right? [laughter]. but just like you, you have to keep moving on. we can no longer stick our head in the sand and think this is just a fad, and it is going to blow over. these people are very determined. they now have access to every area of power to affect the kinds of changes they, that their little hearts have always dreamed of, and i don't believe it will be good for the rest of us. stuart: what do you think of georgia's new voting law? >> you know what? i think it is a part of you know, it's what happens when you live under the kingdom of woke dom. one of the major problems with cokism, woke i've, you're never allowed to take a nap. ask sharon osbourne.
when you think for your self, that is a problem. when you see all the corporations capitulating to the wokesters that the wave comes will go over them. you're never allowed to go to sleep when you're woke. just in regards to that, i've been black all my life. i tell you, i'm not lying, i've been black all my life and i do not know, i know a whole lot of black people and i don't know one black person who does not have an i.d. it is the most racist and ignorant comment. they assume that black people are all just a bunch of undifferentiated black souls and there are no nuances about that i still have a large amount of my family i live on the pig farm i talk about in my ad. i know black people who live across various social economic statuses. again, i don't know one black person who does not have an i.d.
stuart: okay. i've got one last question, can you pick out one issue that is more important to you than anything else that you are running on? >> oh, my goodness, no. it is everything, right? china, iran, russia, north korea. all of these people they're not only smelling blood in the water right now but they recognize they're the floating carcass. that person is very weak who is sitting in the white house right now. i believe that they're going to move very fast to get, you know, to stick their tentacles in taiwan, whether it is ukraine, hong kong or whatever else it may be, i believe inflation, it going to be a real kicker for us. you already see china practicing some draconian measures, increasing their prices now. in addition to china hasn't been held accountable. stuart: kathy, i'm out of time.
i want you to come back to see us again because we like your input. you're all right. >> thank you very much. stuart: kathy barnette, sure thing. thank you very much indeed. the governor of california, gavin newsom is getting ready to lift his draconian restrictions. ashley, did he give a date? ashley: yes he did and finally, june 15th, all right? so that is more than two months from now. it is the date that all statewide coronavirus restrictions will be lifted in california but the mask mandate will remain in place. according to local media, businesses, restaurants, bars, churches, movie theaters, sports, entertainment sites, all other businesses will be able to fully reopen. the report also says all schools and universities will be reopened for in-person instruction. this is a full-blown reopening. governor gavin newsom says the state is seeing a bright light at the end of the tunnel but also encourages californians from the to let their guard down
but june 15th, more than two months away, stu. stuart: ashley, what's this about covid creating another shortage? uh-oh, what is it this time? ashley: it is not toilet paper. packets of ketchup, the small individual packages that restaurants give out or sometimes charge with pickup, take-out, delivery orders. well the surge in those take-out orders put a strain on ketchup supply. another reason for the shortage, restaurants are using packets when consumers are dining in. not using the bottles, just the packets, which by the way is recommended by the cdc. heinz as you can imagine has been hit especially hard by the shortage. it is working to increase supplies adding manufacturing lines that will increase production by about 25% for a total of more than 12 billion packets a year. everyone loves those packets of ketchup, stu. stuart: nobody knows what i'm
talking about but i prefer hp sauce. you know what i'm talking about. ashley: hp sauce. yes i do. stuart: i have to move on before i waste too much time on this. it is good stuff, let me tell you. ash, thank you. could your next home be at sea? i'm talking to a ceo who is building a new luxury residential cruise ship. that is ahead. youngsters in seattle finally heading back to school in person, but this is what they're seeing. homeless encampments on the way to school. more details after this. ♪.
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across the board. show me target. i don't think this will affect the stock price but it is quite a big deal here. they will spend two billion dollars, more than two billion on black-owned businesses by the year 2025. all the spending will add new brands to the store shelves and black construction and advertising firms. target at $205 a share. democrats push for mass student loan forgiveness. there is a study though says that would benefit america's wealthiest people. blake burman at the white house with a new study. break it down, blake. reporter: give you a couple different charts. first from the urban institute took a look at the $1.5 trillion or so in outstanding student loan debt. here is what they found back in 2016. a third of that was held by those who are in the top 25% of income earners. when you add up the top half, they can hold about 2/3 of all
student loan debt. however, another chart also shows that lower income earners have to pay back nearly as much student debt as those that make six figures. those that make up to $97,000 a year hold on average of $34,000 in student loans. those who make in the low six figures don't hold sergeantly more at roughly 41 this dollars. politically here in washington the issue of canceling student loans where democrats are not all on the same page. top leaders like chuck schumer and elizabeth warren want up to $50,000 in student debt canceled. the white house says the administration is studying to see what options could be put before president biden but at this point he only supports congress enacting legislation that would cancel up to $10,000 worth. stu? stuart: got it. confusing as it may be we got it. blake burman thanks very much indeed. now let's check the markets again, market movers i should
say. look at microsoft, it is 249.89, up two bucks. nearly 1% higher. it is closing in obviously on 250 bucks a share, all-time record high. google is up. apple finally moving up a bit. 127 on apple. facebook will add zoom to the portable tv devices. that is not helping zoom. it is down 1%, 325 is the price. cruise lines, check them please. carnival reported a big loss early this morning but the stock is up because bookings are way up. they're also threatening by the way to remove ships from u.s. ports. they want to move their fleets to international ports to set sail earlier. carnival is up 6 1/2%. do you remember when san francisco's school board didn't like the name george washington or abraham lincoln on their schools. they called it racist. now they're reversing, oh, how about that. why the reversal, ashley?
ashley: a reprieve if you like for america's founding fathers. the san francisco school board decided to suspend a plan to rename those 44 schools. it was supposed to be part of a racial reckoning but critics said went too far. the city's board of education voted unanimously to reverse the much criticized decision to remove names of schools h that honored racism, sexism, including schools named for presidents abraham lincoln, george washington, being robert jefferson, writer robert lewis stevenson. revolutionary war hero, paul revere. the british are combing, the brittish are coming. the school board will revisit the vote. will revisit the whole issue after all students returned full-time to in-person learning. we're assuming sometime after june 15th. didn't give a reason.
it became a extremely hot potato. it doesn't mean they have dashed the idea. they say they will revisit later. ridiculous. stuart: playing for time. i think, yeah. what do we know about students in seattle? i know they're returning to the classroom for the first time, returning this week. parents are shocked after learning what is surrounding schools in seattle. tell me more, ash. ashley: it is insane. the homeless encampments we're talking about are located on the grounds of two schools in the seattle area. excuse me, that is what is going to be welcoming kids back right there they will likely stay there even after the schools reopen. now outraged parents say the school district has to take action to avoid a dangerous situation. parents and resident want this homeless encampment removed, saying recently a woman died of an overdose in the camp. neighbors claim it is a hotbed for illegal drug activity. here is the situation. the city of seattle has so far refused to move the camp
because, they say the camp is on the grounds of seattle public schools which must tackle the problem for itself, or, officially request help from the city of seattle. it is bureaucratic nonsense. those camps need to go. they do not need to be on school grounds and kids coming back to school. it is ludicrous. stuart: you know, you're not exactly outspoken, ashley. i'm very much in agreement with everything you're saying this morning. ashley: very good. well-done. stuart: very good indeed. now then, my next guest and her husband were supposed to work on the keystone pipeline. that is until president biden came into office. she's here with her story, after this. ♪.
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but listen to this. right after georgia put in place a new voting law, many corporations just walked away from georgia, condemned them. very critical of the new voting law. now some corporations are trying to sit on the fence, unwilling to voice outright condemnation of georgia and it is voting law. case in point, the ceo at exxon. who now mildly says, quote, we support equitable access for voters, end quote. he is not saying much, is he. he is trying to stay out of trouble. i think there is a backlash against corporations which are taking political side right now. that is just my opinion. valerie knight was getting ready to join her husband on the keystone pipeline that end the day the president was inaugurated. he quickly signed an executive order stopping keystone. valerie knight joins me now. good to see you. >> hello. stuart: okay, the president says
his infrastructure plan will offer high-paying green energy jobs. can you switch to a high-paying green energy job anytime soon? >> that is not an easy task to do. that is like asking someone to go to college for four years and then as soon as they get their degree being told, you can't use your degree. i'm sorry you need to do something else and starting completely over. stuart: so your husband has already been working on the pipeline. i think he is a welder, if i'm not mistaken. you were going to join him. >> yes. stuart: are you both, what are you both of you now doing? >> sitting at the house unemployed, hoping that some work comes up. stuart: that's it? >> that's it. stuart: really hurt financially? >> yes. looking in the future, that we were going to have a job for you know, potentially six months, even up to a year and then being told we don't have that job, it
definitely hurts. stuart: are you going to move? >> we currently are staying in knights landing rv park in amy, arkansas. we will continue to stay there until we can move on to another job. we'll move there with our camper. stuart: how did you feel the moment you heard the news that the keystone pipeline was canceled? how did you feel? >> i was very distraught. we had a son. he is four months old. that really takes away from his future, not just ours. stuart: okay. and your husband? >> he is laid off as well and so we are just hoping that, everyone in the new administration will take a step back to look at everything that is happening around us. we're not the only family that is hurt. this is generations of families. there are thousands of other moms or helpers or welders that are out there, that are really being affected by this not even just the pipeline workers being
affected. you take a look around. yesterday i put $20 of fuel into my car that only got me half a tank. stuart: you got it. where are you looking for a job? not where, or what kind of jobs are looking for now? >> we hire out through our union hall. to give you an idea, i have been on the dispatch will for 10 months now. there are currently about 2100 helpers on the will. i have only gone down to about 1000 in that 10 months. it will be a little while before i can go to work, if i need to dispatch out, sr. somewhere. stuart: valerie knight, and your husband, we feel for you. we're glad you're here to share your story. wish you the best of luck in the immediate future. thank you, valerie. >> thank you. stuart: sure thing. we have a big hour coming up just for you. congressman jim jordan, martha maccallum will join us. so too will the mayor of a
border town in arizona. much more than too. plus, why is america recovering to the pandemic so much faster than europe? i have the answer for you. that is in "my take" coming up next. ♪. [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. and it won't matter what hit you. what matters is you're down. but the choice that will define you. do you stay down?
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>> we certainly have winds in sails about to start first quarter earnings stuart and off earnings should be up if a big time wind in sails for the economy and for earnings. >> i would think if growth outlook was really this positive and treasury bond market believed it that tenure yield would be moving above 1.7%. so there are a few lingering doubts. >> we're on this other end made it difficult for seniors, retirees, and pension funds and so forth to get any kind of return. >> stock market is in a sweet spot right now. there's a ton of tailwind we're expecting record earnings number this is year and i think it is geng to continue to go up.
>> 11:00 eastern time you're looking down there on 6th avenue that is fox square right in the middle of new york city. it is 11:00, and this is wednesday april the 7th twok show everybody. those markets are showing some green but people seem to be waiting for this afternoon when we'll hear from fed about interest rates and money precincting in the meantime we've got some mod pest green for the dow s&p and nasdaq. but look at microsoft i have a very thin sliver of that company that hit all time record high 250 dollars per share. the tenure treasury yield well below 170, 165 right now that is supposed to be bullish for big tech. and now this -- >> how come america is recovering so much faster than europe? we are you know, but you won't hear it mainstream media loves the european soft socialist style.
there won't be critical of the europeans but they love to be critical to criticize back to business republican states in america. you're not getting clear picture of what is really going on. and you're not getting a clear fir as to why america is doing so well. i'll give you two reasons. president trump's warp speed vaccine program and republican governors who insist on giving us our freedom. you won't see that on the evening news but that's the way it is. america is opening up because well over 100 million americans i think it is 150 million now have received at least one jam. thank you, president trump. before the election, he promised max, mass vaccination by april. he was ridiculed laughed at but he was right. vaccines have arrived and a more confident america is back in business. europe didn't have a president trump. and they're floundering, another factor is america's dislike of top down bureaucratic commands.
which is what they have to live with in europe. america gave authority over pandemic rules to the states. and republican states broke free and opened up, opened up very successfully that is witness florida, witness, texas make no mistake whatever media and left and the president are saying, america's recovery is powering ahead. thank you pfizer, moderna, johnson & johnson governor desantis and abbott yes thank you president trump. the third hour of "varney & company" is about to begin. >> the lady right there is martha maccallum welcome to the show good to see you again just think the media will ever give president trump credit for
anything. >> yeah probably not. probably not. it's one of those things where you know a president puts in motion something that ends pup benefiting the next presidency we seen it happen before. where something appears to be kind of falling apart i think of the economy back in the bush years and then when president obama took over you get sort of the spinoff effect of what was the policy and the prior presidency and we're clearly witnessing that here. there's no way that we would be in the shape that we are in without operation warp speed that president trump drove and drove hard everybody saying dreaming too big he was lying. you know, that was sort of the strongest words used about it but the fact of the matter is that numberses we're hitting right now that are surprising the biden administration are the numbers that president trump said we were likely to hit in terms of vaccinations we are almost at half of the population having received a vaccine, and stuart i think you make great point you can feel it. you can feel it across the
country. you can even feel it in new york city. people are starting to say, okay. i'm ready to get back, back to life, and these vaccines are the reason for it. there's no doubt about it. >> yep. it is a whole new mood. i want to talk to you about politics and sport for a moment. i want you to listen to what the white house had to say about ma r leagueeblingov a all starerom atltatl ttl t t nver.nver. ll tapell tapee pleas pleas and andhen its maj maj leagu le seball iseball i mov tll all vo regulns are a verwhere si gia. g >>olor>>ado allto you you y y registern elen day. where t senyd t 1 peoeeonmai the stateho arehoho eligible icapationsapatape h vote vote bm 94f% peof pf pf p in i coladoadv mail. the geeorgiaiaiaislaisti bui on lie l ereer weas no widespread fdraud. >>tha,tha, do a,u thi tnk we w can just play and watch a game?
>> yeah. i mean unfortunately this is shoot first and cancel culture stuart i'm amazed at how quickly american corporate leadership gives in to this. i thought the piece in "the wall street journal" today going after rob manfred his predecessor major league baseball insinuating that perhaps mr. manfred hasn't really read the law hadn't really looked into what it says before he made this knee jerk reaction. to this and now they find themselves in a very difficult situation right because now you've to say what about the masters should master be played in georgia. now the president said, you know he was very happy with the mlb decision to pull the all star game out of atlanta and out of all of these jobs and restaurants. can you imagine the enthusiasm on the part of all of these companies that covid is starting to lift? and that they're going to have this huge event and suddenly it is ripped out from under them? i mean, you know, it takes only
a moment stuart to give a little bit it have thought to the wider ramifications of these slash and burn political statements, and the jumping on banding wagon amazes me. one thing i want to pingt out you know she said it was built on a lie. so that suggestion in that is that the whole reason these laws changed in georgia is because of what happened in 2020 a lot of republicans lost their seats in 2020 in georgia. but let's remember, this was all based on covid voting, you know just rewind your mind for a moment. 2020 election it was a panic across the country how is this going to work nobody wants to leave their houses or go vote in voting places. so laws more than 50 laws were change -9d across country to xangsd way that we vote universal ballots, more dropoff boxes all of these they thinks put in place because of covid. that's why they're being reevaluated now because that die signal sick beginning to end and changes and should be reevaluated at this point.
stuart: take politics out of sport and take america corporation out of politics wouldn't that be wonderful? martha, i promise to watch you this afternoon, the story, fox news channel 3:00 eastern time. i'll be glued martha as always am. thanks for being with us. sure thing. >> look at that market again please, still plenty of green but it is not enthusiastic rally at this point so let's bring in michael lee. market watcher of this moment, good to see you again, michael. look we've got a rocket ship economy. a jamie diamond says economic boom could last into 2023. i think that's what you've been saying, isn't it? >> yeah. i tend to believe this business psych will last a little bit longer and it is how much of a boom is it? so there's a lot of winds at our sails at the moment you know as you were discussing, previously in your monologue with martha, donald trump fundamentally change way business is done
through regulatory action through a complete rewrite of the tax code. now if you're actively moving to undo these things you are working against yourself. but make no mistake snap back v shape recovery is a direct result of the bold actions taken by the former president including the vaccines that are coming out now. so as all of these things come online we've had a ton of fiscal stimulus, we've had the monetary policy taken everything down as zero and stabilize capital markets, americans are ready to get back to work. and unless something like green new deal or massive tax increase comes online, i think we can grow and we'll boom much past 2023. stuart: now, that's talking about the economy. i understand the rational of the economy keeps on booming with all of this money going in there and the fed printing money but what about the market? does the market rally to match the economic boom? does it stay going up all the way through 2023?
>> yeah. look, i think there's going to be some bumps along the way. but typically during a business cycle in a business cycle expansion you're looking at five to seven years of market cycle growth. right in the last business cycle, we went from 2009 to 2020 in the only thing that stopped it was the pandemic you have sol selloffs in the interim. but what i think will be different about this market cycle and why it most likely won't last as long as last one is we did not have the financial devastation of destruction that the great financial crisis did where you have bankruptcy and reorganization where is companies can start anew and fresh so i tend to think instead of a 12 or 13 or 14-year cycle last business cycle would have been without the pandemic ends up long lines of half of it and overlevered and businesses just start to, you know, they can't refinance their capital interest rates go up at some point a little bit.
you know at that point then business cycle come and end of the market comes to a nose dive before that. stuart: i'm not selling yet waiting for your advice when we see the downturn. not yet. i'll take that. michael thank you very much for joining us. appreciate it next case, one of the kardashians could soon be trading in reality tv for politics. we'll fell you who we're talking about in just a moment. congressman jim jordan visiting southern border there right now. he says president biden call it is chaos jim jordan will join us from the border. wednesday, varney trivia question, here it is. april the 7th of which year is known as the symbolic birth date of the internet? hum, i don't know. but we'll give you the answer after this.
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♪ ♪ >> you remember that asked question right before the break april th of what year is known as the symbolic birth date of the internet? i did not know the answer but i do know. it is 1969. one trying to explain that at some point. all right toipght get to serious stuff here. biden border crisis our next guest arrived in texas monday stay there through tomorrow.
congressman jim jordan is that congressman, and he joins us now. congressman what were you allowed to see at the border? we remember out with border patrol agents so right on the border we actually were on rio grand river with part of the texas department of public safety as well yesterday and then we saw the facility. and look, this is more than chaos. excuse me more than crisis it is actually chaos when you see that they told us 40% of agents manpower time is spent on processing not out actually patrolling the border as you would expect. they showed us this one pod in particular where with protocols there should be only 33 kids in this area. they have 527 so when i say more than a crisis it is actually chaos it really is, and the border agents are doing a great job but they're frankly overwhelmed that's what we saw and all by the policy changes, biden exactly all driven by
biden administration made. stuart: do you think vice president -- will ever go to see what administration has done? >> well she hasn't been down here neither has the president but this is driven they all -- every single agent told us remain in mexico policy that the trump administration had in place where you actually did processing there, that is what is driving all of this. and so when they undid as frankly president trump said this was going happen he said, two weeks before he left office he said if you undo our policies there will be a tidal wave of illegal implants immigrants flooding our country and they undid any type of deportation policy and they announced to the world -- that they weren't going to finish the wall even though yesterday they're now saying that may go back to that because -- you know, we know that the wall actually works. like trump administration had demonstrate sod that is the problem. let's hope that they will actually reconsider and put back in place the policy it is that
worked. stuart: jim qongt that be something. if they actually went to plug the holes in the wall which they created -- man i can't imagine. >> there you go. >> think about this -- >> you and i -- you've been on this program many times over the last five or six years. and i think you are on with us back in 2015 when anarm of my immigrants marched across europe that germans let them in and changed europe forever. diewrng we're at the same situation now with mass migration central america to north merck changing america forever? are we at that kind of level? >> i think it is that serious but ask you ask yourselves this question. think about this right now, you can't get into your capitol to petition your government and you kangt get into your capitol and anybody can get into your country when they get into your country they use your tax
dollars to house them at hotels and then situation in san diego, they use your tax dollars to teach to have in person instruction while kids in the san diego city school system, you know, american kid keapght get in person instruction. so that is the situation we find us is that is not a fundamental change it our country i don't know what is. so it is that serious they need towns that there were policies in place that worked we heard that time and time again from border patrol agents yesterday policies that were in place in previous administration worked if we would return to those policies we can get at least a handle on this situation and stop this huge influx that we've witnessed now for last several months. stuart: i don't think of you as a dreamer but if you expect a reverse of border policies that is not going to happen. >> did you think when they said they were not going to build the wall anymore did you think they are reconsidering that decision? look this is common sense. the american people have common sense they need to tell their
representatives whether republicans or democrats let's engage in common sense policy and let's have a border. that is part of the definition of a qrnght is you have to have a border that is frankly under control right now -- right now it is not. it is way fast the crisis stage it is pure chaos, and that's what we have to get under control. >> all right jim jordan thanks very much for joining us important stuff we appreciate it. jim jordan see you later. >> thank you. stuart: what do we think about selects getting into politics new poll that shows a majority of people won't want matthew mcconaughey and duane the rock johnson to run for public office give me numbers ashley. [laughter] >> tell prompter says all right, all right, all right but you didn't say it so i said it for you. [laughter] >> 58% of those surveyed said they would like to see matthew mcconaughey launch a texas gubernatorial bid and duane the rock johnson run for president
mcconaughey has indicated that a political run is a, quote, true consideration. johnson has also flirted with entering the world of politic. now of the more than 30,000 people surveyed 45% celebrities should be free to do what they want and 13% said stick to acting i think that's the varney category while 11% said they must stick to political activism at most. so what selects receive most votes to be president number one tom hanks number two will smith number three george clooney and among women, at the very top angelina goal lee, followed by oprah winfrey and my vote that would go for dolly parton one and only there you have it, stu. stuart: i insist on moving on. but i'm going to anyway -- you young man have to tell me which kardashian is getting into politics the script says out with it lad.
i think we must have some british script writer there you have it. [laughter] >> i like being called a lad it sounds young former olympian reality tv star caitlyn jenner, of course, now reports say that jenner is mulling run to replace california governor gavin newsom in a recall election. the 71-year-old jenner one time supporter of donald trump and will reportedly if it happens challenge newsom as a republican. the signatures on newsom recall petition still being verified but observers say it is all but certain that the democrat will indeed face a recall election later this year. and caitlyn jenner could be on the ballot very interesting indeed very californian. stuart: i'm going to move on from that one as well how about this -- we talk about the mass exodus of this program. i think we now know how many people are moving from san francisco to texas and florida.
you've got that number for me, ash? ashley: i do it is a lot relocations from san francisco to texas jumped a massive 32% and to florida by 46% this is all based on 2020 numbers. the report comes from cbre real estate group that used all of the data from u.s. postal service which is a good way of tracking the exodus if you like the covid pandemic. did see migration from cities like san francisco, and new york to sun belt metro cities like austin, dallas and charlotte in other words from expensive high tax areas to much more affordable locations with lower taxes. interestingly the research shows that young afliewngt highly educated individuals largest group to move out of urban areas in part because many could do their jobs remotely the question now is, how many of those who moved away may move back to the big cities and liking there,
bigger paychecks and sunshine. stuart: yeah that's whole question we know they have left what we don't know is do they come back? that's what we don't know big question. all right ash -- i'm going to put a photo up on the screen, and it has been taken by nasa's mars rover. it appears to show a rainbow over the planet. but everything isn't as it seems, we are going debunk rainbow mystery in just a moment. and forget beach front property you could soon buy a condo onboard a cruise ship we have details for you in a moment.
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pay but i'm betting it is the customer. not the company. i don't know that for sure. and few updates several on the cruiselines. number one the cdc says u.s. cruisers could resume with restrictions by mid-july. meanwhile, disney cruise line canceling its u.s. cruises through june and europeen cruises through mid-september carnival cruise up today and a surge in bookings they're seeing. by the way they're also getting six of their nine fleets ready to sail. there is this catch, they're threatening to remove ships from 14 u.s. ports if restrictions on sailing are not lifted soon. carnival up 4% and one company is building luxury residential cruise ships. one of them being built in croatia. you can live on a ship year round so i'm told. so why don't we ask storyline cruisers ceo alice who joins us now.
okay. just give me a ballpark estimate on price if you would if i want to live year round on one of your ships, how much? >> yeah stuart the process starting from around 300,000 dollars up until around 8 or 9 dollar mark for one of the largest residents over two levels 223 square feet and annual fee for us all included packages so that's all food and beverage, of course, all of the equipment sporting facilities, on and offboard the ship all included around 50,000 and around for a couple. stuart: wait a minute, wait a minute let me get this right $50,000 give me ballpark price i understand that $50,000 for a nice department all food and drink thrown in, cruising thrown in that comes to what -- 50,000 dollars up front per year? really? or per month. >> per year, per couple starting
they're starting process stuart. so that includings, obviously, cruising that we embark on is different with cruise method we spent three to five days in each major port and spent three or so years traveling the globe for each. so it is a very slow pace atmosphere. this is a residents model rather than a cruise. so people see this as -- a community rather than a tourist cruise ship. stuart: if you're building new residential ship, i take it demand is very strong. can you put some numbers on the demanding that you're seeing it? >> absolutely, stuart. so what we've found opposed to pandemic there's been a lot of influx from people especially remote worker type a lot of people who before covid couldn't do remote working side of things now saying they've been told to go home and stay home. they're looking to see where home can possibly be for them so we're seeing a lot of people not just typical cruiser type
people. but we're also seeing a lot of working families, those type of people coming to us as well so demand has been very strong, and now coming out of the first round at least as the lockdowns within influx of sales, and been strong. stuart: well, i never thought of that. you know i think we're from home you can work from your home on a cruise ship i never thought of that but that's a good form of business for you i'm sure. storyline cruisers, thanks very much for joining us we wish you the best of luck. thank you. >> thank you. stuart: okay. listen to this, car rentals, surging, but companies don't have enough cars to keep up with demanding. lidia who in paramus, new jersey. why the shortage of rental cars, lidia? >> hi, stuart we're seeing shortage in rental cars because more people are getting back on the roads, heading to vacation
and destination cities. and you coupled that with a shortage of inventory in the rental cars and that's really driven by the international shortage and conductorship. places like auto/.com projecting that many cars are sold out today starting for today for this week you take a look you can see airmingts across florida others in hawaii, and phoenix, tucson even savannah, georgia show nothing rental cars available for the week starting today. and experts say that the reopening in this return to travel is putting pressure on the car rental market. rental inventory is lower than typical because companies that usually buy fleets of cars at a discount they have their buying opportunities limited by that conductorship shortage we've seen automakers like gm, ford nissan honda, they're all pulling become on manufacturing right now, and you coupled that with some of the rental car company it is that have scaled down their fleets over the past
year during the pandemic as demand waned now that is producing the limited availability we see now. hertz and enterprise say they're expecting this high demand to last for several months. they're working to acquire more vehicles and move cars so areas to match demanding but experts say they expect shortage to ripple across the country. >> we're not seeing significant problems in northeast right now. where we're seeing problems is in the big leisure destinations, las vegas, that it is particularly hard hit. we also saw some issues in denver as well. we think it is going to hit the northeast within the next couple of months. reporter: and now, it is not clear when the supply of rental cars is geng to increase. so experts are passing along some tips for anyone who might need to rent a car suggesting book your car early. steer clear of the prepaid rates
that are usually cheaper but they can have some really difficult cancelation policies that won't allow you flexibility. also they say, widen your search for rental car availability yongsd the airport search for neighboring places in some neighborhoods because they might be cheaper and have more availability and join the loyalty program because if it comes down to you or someone else to get maybe last car it could be you if you're a member of the loyalty program. stuart. stuart: all taken über if the driver is at work and not living off a government check thrrgs the story for you. right now in paramus for us thanks lidia. i'm really going to change the pace for a second and show you this again -- it is heartbreaking video that shows a young migrant boy literally abandoned in the desert on the border. i hate to do this but please watch this again. [inaudible conversations]
stuart: abandoned and he's now one of nearly 20,000 children in u.s. custody we've got a report from the border for you. we're now in the middle of a nationwide ammo shortage and so bad that some police departments can't even conduct firearm training. that report is next. when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere,
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here is the cover of the new york post, dramatic stuff it says, bell tolls for new york city, quality of life, plummets taxes rocket city faces devastating future. who wrote that? mike fell goodwin who joins us right now. do you think the city is dying and cannot recover? you're going that far michael?
>> good morning, stuart. i wouldn't go for that yet but it does feel this is a pivotal moment. when you look back to the pandemic devastation which is still with us, i mean, we're new york lost 2 million jobs according to the state comp troarl and has recovered half of them so that means million fewer jobs in new york city alone. in this state i'm sorry -- so right now then you pile on additional taxes, you have the crime going out of control. you had murder 40% last year up again this year. the rise of homelessness, disorder, and though what is state government do? it raises taxes it puts more hangsd cuffs on the police. it talks about creating fund a $2 billion fund for illegal immigrants and pardon criminals. so all of these not pardon
parole prisoners so all of these things were unnecessary. the federal government bailed out is the state. but the tax increases, the further restrictions there's no opening yet of broadway, and all of those things it is essential -- >> just such a stark contrast you have new york city, new york state raising taxes the safety of thed or ordinary citizen is in doubt florida is absolutely booming. so question is all of those people who went from new york, new jersey, down to florida -- will they come back? how many of them will come back? can you answer that question? >> i can't be specific. but i do think that most of them will not come back. thaifer been given no reason to come back quite the opposite, they've been given reasons to stay and others have been given incentives to leave. i mean, this is a competition between low tax states and high
tax states and new york is already one of the two or three highest tax states. so to raise more money, new york now has a budget. new york state has a budget of 212 billion dollars which is higher double florida which has more people that is an example of the recklessness with which they are approaching this situation. stuart: i have to go michael i'm sorry this is very good stuff. i have to be in my bonnet about new york city and florida. but there you go. michael come back see you again soon. thank you so much for being here now this, the cost of ammo as in ammunition surging nationwide there's a shortage graddy joins us from michigan how's law enforcement dealing with this shortage? >> well this particular police department in taylor michigan, stu had to cancel state mandated hand gun training because they don't have enough ammo to give you a sense of how much demand has increased. a 50 round box of hand gun ammo
before pandemic could have cost around $15. now that would cost you about three times that that's because factories had to shut down that were producing ammo and record run on people buying guns. john blair chief here knows that better than anybody. this has become a public safety issue, and a financial issue for your department. >> challenging cost have essentially tripled we always worry about when we're doing our training not only to shoot well and accurately but also when to not shoot. so you know having ammo shortages is really put us behind eight ball. j police departments are under a lot of scrutiny right now and this is not a time to not be able to do training. >> we don't want to make mistakes we don't want to see people die. >> this is one example but this is happening at plpgds all across the country and particularly, the smaller ones. stuart: that's a problem. got it. graddy thanks very much indeed point ied story now homeland
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stuart: the administration is considering filling the gaps in the border wall. i absolutely don't believe it do you think democrats build wall anyway alex hogan is right by one of those gaps where many migrants have come through alex the latest please. reporter: hi stuart just behind me, this levee leads to a temporary processing zone for many of these migrants that we have seen come and surrender to border agents all of them sharing heroing stories of what they have been through before getting to the video we've soon now this new footage of a little boy who approaches border agents. he's sobbing saying that the group that he was with heading towards the border left him all alone. and he says he doesn't go with those agents, then where would he go? all alone left there in the desert but he is just one of the nearly 19,000 children who are currently in u.s. custody. each of them last week sharing
their own story and last week we heard of a little boy who made it all the way to the border with his father. the two swam across the rio grand river but the father drowned helping him get across safely to the u.s. but these are just these tragic stories that we're hearing of these unaccompany children more delegation announcing trips to border envoy to biden administration set to trip to northern triangle tomorrow now here's a live look at border wall as you mentioned, it is one of those gaps, many environmental activist say they are happy that the border wall construction has been stopped. while law enforcement agencies say that halted progress really creates new problems of its own. >> trying to control enforce areas and more secure and now wide open. and then you talk about unaccompany children, family units, and you can't forget that every day --
reporter: meanwhile people who live just on other side of the border u.s. citizens, they say they feel like they're caught in between as this construction still has not resumed and many parts that we've seen here along the southern border. stuart. [laughter] stuart: all right alex thank you something came through the gap let's bring in mayor of nogales, arizona who joins us now. your honor, you're right on the border. do you want to see these gaps in the wall filled? >> yes, sir. within the city limits, everything is complete. the wall is complete. it is just west and east of here that they -- they discontinue. basically i guess the worst part would be west of nogales that's going towards the nation. the indian nation and that is a very, very difficult desert to come across. and to see children making that effort of going across that
desert would be very hazardous to the children. stuart: well, i don't think that the administration will ever finish the wall. i can't see democrats building the wall. can you? >> well, at this point i don't think so. but only good thing that i've noticed and that i talk to different people especially border patrol and law enforcement agencies that they did complete the majority of the access roads to the border area. which would be easier for border patrol to be able to access that area and incase some of the sensor, some technology catches somebody coming across. but yes, these are not gaps. these are big sections that there is no wall. stuart: okay. i understand that you seen a lot of drugs coming across the border in your immediate area. is there a lot more drugs coming across and what kind of drugs are they?
>> the strangest thing about it that used to be a corridor for marijuana, and cocaine, what has been seen most and apprehended is fentanyl and meth and that's people from people carrying on their bodies trying to get across and vehicles, and semitrucks. luckily, we do have border patrol check point north of nogales on interstate 19 that also has second barrier for trying to pranged these drugs. but yeah there's this corridor and nogales, you have to remember interstate 15 and mexico ends in nogales comes all the way from mexico city area, so it's a direct route for produce, tourism and manufacturing. but the cartels also use it for their activity. stuart: real fast have you heard at all from vice president
harris? >> none. nothing at all as a matter of fact, haven't received anything from anybody within -- from this administration. stuart: extraordinary, thank you so much for joining us, sir, appreciate it very much. tough situation. >> thank you very much. stuart: check that big board we have a loss down 60 points on the dow industrials big fed announcement coming this afternoon. more varney after this.
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stuart: remember this photo we showed you earlier? it appears to show a rainbow on mars. it was taken by the mars rover that nasa launched. nasa is debunking the rainbow theory. they say it was actually lens flare on the camera of the mars rover. so now you know. i'm going to put some huge companies on your screen, microsoft, google, facebook, all of them are hit all-time record highs. microsoft is now worth $1.8 trillion, google 1.5 trillion and facebook with a mere $885 billion. that's what happens when you have a gigantic run towards tech stocks. their value goes up very
significantly, and you're now dealing with trillion dollar companies getting more valuable by the day. at least as long as this tech rally lasts. that's it from me. my time is totally up. but i'm going to leave you in the very competent hands of my friend and colleague david as asman -- [laughter] it's 12 noon, it's yours. david: by the way, i'm very disappointed there are no rainbows on mars. i was really impressed by that. i was fooled. nasa set me straight, and you did too. stawrting thank you very much -- stuart, thank you very much. i am david asman in for neil cavuto today. we bring you the headlines from across the country starting in georgia where the president says the state needs to, quote, smarten up to avoid more businesses leaving over recent voting legislation. why small businesses in the state say they are the ones striking out following the decision to relocate the mlb all-star game. and then to the white house where president biden is looking