tv Varney Company FOX Business April 13, 2021 9:00am-12:00pm EDT
maria: welcome back. we went to show you the johnson & johnson shares as the fda is halting use of the vaccine to investigate the case of six people who reported glut-- blood clots. that will do it for us. we will see you soon. have a great day. "varney & co." begins right now. take it away, stu. stuart: good morning. you are right, it's a dramatic news item from johnson & johnson. it has a lot of people worried to. the government called for a pause on the use of j&j vaccine, that after six women developed a rare blood clotting condition. one of them has died. 7million doses of this vaccine have already been administered. 9million more have been
disturbed into states, but not yet used and many people are reluctant to get any vaccination. this will encourage that reluctance. it's a big setback for j&j as you see by the stocks and it's a setback for the entire vaccination efforts. it did have an immediate financial impact. when the news came out the dow jones plunged. it's come back significant. the nasdaq has come all the way back to a 77-point gain. what we have now is a market that's reacting to the inflation news and of the consumer level with prices rising 2.6% over the last year. we are throwing trillions of dollars into this economy. this may be the first to sign the river of money is producing some new inflation, mixed picture on the markets thus far. no mixed picture for bitcoin. we have an high, $63000,
almost 64000. this is part of the walk up to coin the base which is going public tomorrow this will make it easier for more people to invest in antitrade crypto's. 63800 bitcoin quote right now. meanwhile writing continues outside minneapolis. a police officer says she made a mistake, using a gun rather than a taser against a black motorist. outrage this morning at the mayor of the town who fired the city manager for suggesting the police officer be given due process and that same mayor is considering firing the police chief who also called for due process. extraordinary. tuesday, april 13, 2021, "varney & co." is about to begin. ♪♪
stuart: let's go, first off can you show me johnson & johnson again, please with the stock in the news down 2.6% peer the fda calling for a pause on the use of the one shot j&j vaccine. blood clotting situation out of 7 million doses administered. is that cause for real concern? >> it's not cause for alarm. it's cause for pause and looking to see that it's actually to the vaccine. they have not shown that. keep in mind, five out of a million people year this-- get this kind of a blood clot without a vaccine peer they get eight-- it's a blood clot that's extremely rare and in this case it was associated with women age 18 to 48, low
platelet count and it occurred three to eight days after the vaccine, so they are trying to see if it's related. even if the vaccine is related i have two points. one, they can figure out the group at risk. extremely rare group and they can figure it out through blood type, genetics and assay these rare where people could not get the vaccine. second point, and this needs to be made to the hysterical media, how may people do you think it blood clots from covid 19? is like one in four people can have blood clotting problems so again this unfortunately is a huge hammer blow to the vaccine because the astrazeneca vaccine is having a similar rare problem. they are making the right move, but the fear factor is huge and i'm concerned. stuart: that's the obvious problem. this will put a lot of people off getting any kind of vaccine.
they perceive risk in the first place and now they think the risk is confirmed and they are elected to get the vaccine. is it a really big setback for the whole vaccination program? >> you said it, but i hope not. i hope we can step forward and say while it's best to get this vaccine, for very, very rare complications that may be related to it, let's get deep breath and look what happened with the mrna vaccines. hundreds of millions of people have been vaccinated safely around the world and believe me, they are looking at that extremely closely so that vaccine is completely unrelated to this and if anything it's a reminder of how unbelievable it is we have seen the safety profile we have seen so far. unbelievable. it should not even cause a hiccup with pfizer ormonde irna. stuart: so, we should all calm down and look very closely at the j&j situation and not be alarmed by this report, is that your
message? >> yes and let's remember the media high-- types all of this, not stuart varney but you will see this all over the place and people will draw conclusions that are not warranted. it's extremely rare and may have to do with one genetic profile in six people out of 6.8 million peer that's unbelievably a small amount and i told you five people out of a million. year get this problem anyway without any vaccine so it may not even be the j&j. we are not right to generalize this to some kind of hysteria, not even close. these vaccines are unbelievably safe and effective, stuart. stuart: got it. dr. marc siegel, thank you. i'm going to say the big financial story of the day is bitcoin with the current quote $63685. there is susan, one day
before coin base. i take it the bitcoin spike today is all about the bitcoin going public tomorrow? susan: coinbase goes public tomorrow, a lot of hype and it's going to be the nasdaq's largest listing and that means don't raise any new cash, not an ipo, but gives early investors and employees a chance to cash out. current valuation for coinbase roughly 90 to $100 billion and that would make coinbase the largest company to go public since facebook in 2012. you have to go back almost nine years, but the whisper of valuation is key, looking at close to $150 billion, that's 50% above the valuation so you can see the stock likely popping on day one. will it be more than? some say yes. not bad for company that's been around less than a decade and it was only valued at $8,000,000,000.3 years ago
, october, 2018. that's exponential growth we have seen over two and half years now if there is that much interest to buy into coinbase that thinking is there's a lot of money still chasing crypto and bitcoin and why bitcoin has these record levels into the listing tomorrow. stuart: exactly right, 63600 is the current close and we will keep an eye on it all morning long and tomorrow. looking at futures overall, a very small loss for the dow jones. nice game for the nasdaq. jason katz is with us this tuesday morning. i read your stuff. you say the bull run will slow down come and not stop or retreat, but slow down. tell us all about it. >> well, we have gone up 80% off the low. think about november, as like the next leg of the race,
russell 2000 is up over 30% cost. >> index and the cyclical value index on the russell 2000 is up. when you get news like this morning's j&j news or when cpi runs a little bit hot like this morning, certainly gives us reason for pause, but i would characterize it as a water break in this marathon. at new highs don't necessarily portend big market corrections and historically's seats-- speaking subsequent to hitting new highs in 1960, the following year the markets have rallied roughly 11%, so putting history aside as a guide, i think the conditions for the bull market at least for the short term, that six to nine months are in place , low rates, a lot of stimulus, the mother of all and i think you will see earnings far exceed expectations in the not-too-distant future. stuart: by the way, march 23, last year, 2020, from then
until now the value of all stocks has gone up by $21.9 trillion. thought you might like to know that, but i also want to talk about-- huge, $21 trillion from march of last year. what about big tech, hold it, keep them, what you say? >> at a minimum i would hold them. big tech has more the blackeye for the reopening. johnson & johnson news today is up, there is still that news and the fact of the matter is not all tech is created equal and big tech has been growing earnings at a precipitous pace and in many cases they are below the market multiples so i would qualified it quality growth at a reasonable price and i think these are names that will come under more pressure as we see more tighter regulations, higher taxes,
but the fact that our authorities don't want to see us fall behind in this race with china. these companies have allowed us to navigate through covid and they will allow us to thrive subsequent to covid. stay long, get along when we get these bouts of volatility. stuart: i will take your advice. i am still in microsoft and i'm staying in it. jason katz, thank you. back to the markets, we have the dow jones down with a fractional gain for the s&p and a 70-point gain for the nasdaq peer consumer price index for march, released at 8:30 a.m. here susan, give me the numbers and answer the question, is inflation ticking up? susan: yes. i would say the most anticipation were inflation report in recent memory, who knew rising prices could be this interesting, the giving we are looking at yields spike and people are looking at if prices are matching the increase in this morning it's running hot.
.8%-- .6% for the month of march, slightly higher than economists estimate, the biggest gain since august, 2012. year on year in the month of march you 2.6% and that's the fastest rise since august, 2018. yields went down, not up so that tells you people aren't concerned about the rise in prices this morning. stuart: i think you are correct. thank you. the outrage of the morning, the mayor of that town near minneapolis where rioting continued overnight, that may or has fired the city manager. why? because he said the police officer involved in the shooting would be given due process. he got fired for that? we have a live report for you in a moment. woke fallout under george's new voting law has will smith and apple tv walking away. we have that story. remember this, a testy exchange from speaker pelosi when asked about aoc.
roll tape. >> why does aoc complain that you have not been grooming younger people for leadership? >> i don't know. you will have to ask her . plus, we are. stuart: i would call that a testy response and it looks like speaker pelosi has a lot morris to say as she is tearing into the squad and her new biography. we will tell you all about that coming up. ♪♪ ♪♪ 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 ;)
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stuart: night never to have unrest in minnesota city of brooklyn center following the police shooting of a black man during a traffic stop. steve, there was a curfew for 7:00 p.m. at then what happened? reporter: a few hundred people stayed out past the curfew. at the cleanup crews are in operation now because a few hundred of those people were lobbing blocks, bricks, bottles, cans and fireworks at police appear they are trying to clean up the debris. about 40 were arrested. at least two stores burned and looted and a dollar store over my shoulder and a cell phone store as well, so they had state police and also national guard push the people back from the police station. as a light snow begins to fall here, the republicans in
minnesota are sharply criticizing the governor. they say he is fanning the flames of this unrest with the governor tweeting: i'm closely monitoring the situation in brooklyn center. gwen and i are praying for dante writes family as our state warns another life of a black man taken by law enforcement all of this unrest occurs as 10 miles away the state wraps up its case, a murder case against a former policeman, derek chauvin. stuart, back to you. stuart: steve, thank you. now let's bring in pastor darrell scott who joins us this tuesday morning. pastor, i was outraged when i saw the mayor of the city had to fire the city manager because he said the police officer should get due process. i'm outraged at that. what say you? >> i find that very disturbing as well. of the police officer-- the city manager said what was appropriate to say because
once we have process of law and find out the facts and then we pray justice is served, so i don't understand hi, like that how you immediately not politicize this order immediately not taking sides on this issue would cause him to get fired. stuart: i just don't understand it and then there is this from congresswoman who is calling for an end to policing. the tweet: i'm done with those who condone government-funded murder . no more policing, incarceration and militarization. it can't be reformed. she said policing, pastor, is inherently racist. what say you to that? >> i say that's a long line of stupid statements made by that genius. you have to understand policing essentially the maintenance of law and order. now, there is always going to be abuses in any system, but because people abuse a system
doesn't mean the system is inherently wrong or good that's like saying well security is racist or any other thing. policing is simply the term for maintaining a standard of law and order and in any and every society there has to be the maintenance of law and order or else you will see what we are seeing right now. people will run amok and i really believe that's part of her overall agenda to undermine american society so our society can be replaced with a different society , so she still trying to further her own agenda, her social political agenda. she doesn't care anything about the people there. she's trying to do something to pacify-- she's not doing something to pacify the situation or calm the community down. stuart: what is the feeling in the black community, another series of events of unrest in various cities, happens frequently.
was the feeling in the black community? >> i think the situation is a result of panic. the young man panicked and ran an officer panicked and shot. the only thing that is wrong as the officer is trained not to panic. the black community is being tranquilized because they don't have donald trump to blame this on. now that we still see shootings they don't have a target of the range of frustration so the black community response at least on the left is temper. it's not writing on the scale as before because they don't have the figureheads the media laid the target of donald trump and they don't want to pin it on biden because they supported biden. i hate to politicize it, but it is what it is. stuart: pastor, you are the voice of reason and very welcome on this program for your thank you. >> bro elbow. [laughter] stuart: mac two the market. we are down 94 on the dow
with a small slick-- slippage for the s&p. the opening l will happen in a moment. in a moment or two david nicholas joins us and he says quote local corporations have no place on wall street. while we wait for him, look at daytona beach and back to business open up florida. don't you love it. we will be back. ♪♪
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the number on your screen. coventry direct, redefining insurance. stuart: the dow jones is slipping some more and now, we are often 90 points. 33500. dozens of high-level executives from major corporations are planning a new push on voting legislation in texas and other states. they are taking political sides. command, david nicholas. you live in georgia, and you are calling out these woke corporations peer what do you mean they have no place on wall street? >> we live very close to the stadium that the all-star game was supposed to be held at before mlb canceled me and my wife try to support the businesses around the stadium and tried to eat there once a week to support them.
i see firsthand the lives that are affected by these woke executives. these are good, real people, some of these businesses are desperate to survive and they are barely getting their head above water and then they have to deal with an onslaught of corporations that think they know better. these executives, they are only woke warriors until the moment it affects them personally. take the masters for example peer beautiful weekend in georgia, great event. generally it's an event for the wealthy and corporate somebodies. that event is perfectly okay, but a baseball game, america's pastime where ordinary americans attend that event should be canceled due to the woke of corporate executives. we are divided as a nation right now and if you are a corporate executive or a ceo or film producer and you want to add to the divisive business, i will tell you we don't want your business because there are plenty of businesses that want to be in a state like georgia, good
kind people in a good workforce. stuart: we take your point. would you extend your point of view into the investment world? would you not invest, would you not-- not by coca-cola or delta stock, would you go that fire? >> i think it's the executives of these companies saying we don't want the business of people that don't think like us, so i think it's a message. if you are a shelter-- shareholder and customers may be that people that disagree with you politically, that's okay because as americans we have to get along every day with people that may not vote like us or think like us so the message to the executives of these publicly traded companies, your customers may be different but that's okay, provide a good product and you your customers will buy it regardless of their political beliefs. stuart: we hear you. david nicholas, thank you. the opening bell is going to ring in a 30 seconds.
we will start trading this tuesday morning april 13, and the dow jones will be down about 80 points, but the nasdaq is going to go up. the yield on the 10 year treasury is quite moderate. i think it actually went down despite the inflation numbers. that's what's helping the nasdaq peer we will see how big tax affairs in a few seconds. we are often running. 9:30 a.m. eastern. in the market is open and it's open to the downside. at that-- that's the dow jones average with a lot of red ink among the dow 30. as for the s&p 500, basically dead flat, i mean, that's all you can say right there, down .01% peer the nasdaq composite is-- not slightly higher, nice gain of close to a half a percentage point, 60 points up in the nasdaq. we better have a look at johnson & johnson now down
2.3%. that shaves 31 points out the dow jones because it is a dow jones stock. fda is calling for a pause on the use of its one shot maxine, but turn the tables and look at pfizer and moderna and they are both up especially moderna, 5% higher because they are rolling out their vaccine in britain today. how about the airlines? there are some bullish calls, but those calls were made before the j&j vaccine news came out. now the airlines are down significantly. susan, come on in. are those bullish calls going to hold up despite the vaccine news? susan: i think so because jetblue and spirit airlines got up positive by call this morning , so jetblue could make a quarter more-- you could be up another 25% if you bet on jetblue and airlines can make you over a third more from today's levels.
they say they see clear signs of recovery in u.s. thomistic air travel and also expect more competitive pricing as airlines compete for more travelers with a discount model may say likely winning out. they raised their target prices on delta, american and united. for the crews lines we did see a bit of a dip yesterday continuing the losses today. no specific sale date yet for the crews lines coming from the cdc the carnival says it's two times dell vault over the past quarter and we do have credit sweeps calling cruise lines a bicol in their view and you could make $50 basically on carnival. stuart: hold on a second. there is a company in the news, it's moving 2% higher. what is it it?
susan: behind the biggest spac deal in u.s. history this morning and i know you have been interested in this deal peer they are taking the uber of singapore public and a 40 billion-dollar deal so that nasdaq listing should take place soon and also i want to show you fedex, frustrated worth $350 from their you. you could get another 20% almost because online chomping means booming business. those trucks you see four times more. stuart: i do, i see fedex, amazon any more times than the postal service delivering once a day. american airlines? susan: down today. we kind of reversed some of the positive calls because american airlines says they are losing almost $3 billion in the first three months of this year peer we saw that
yesterday with united airlines and also guiding for a drop of over 66% in sales to start the year. you can see the recovery and travels, not instant and yes, it will take time peer on the flipside you are showing the nasdaq, here's what's happening on the nasdaq, with the inflation we saw .6%, not that much, yields went down, not up and it's helping the the high tech growth names. stuart: you are right. we will look at big tech and they are all up and you are right it's because of that rather tame inflation views. you can always say it's a spike or rather tame, but 2.6% year on year, the highest in some time, but not exactly runaway inflation. susan: to point out to the viewers when the 10 year treasury yield is at 1.6 it doesn't go up let's say and if it does go up i should
explain it makes future earnings of the tech companies look less peer does that make sense? if you have treasury yields holding steady it's a high-- good thing for high-growth high-tech. stuart: that's the way it works, high-tech, big tech up when treasury yields are down. that's the relationship. let's take a look-- susan: sorry. stuart: you got it. dow jones winners, salesforce, apple, microsoft are big-time winners on the dow jones peer s&p 500, winners there etsy and tesla at $719. share. the nasdaq winners, tesla is at the top and the rest-- paypal i see right there about 1.8% so there are some significant winners. nvidia, i can hear your
voice, susan. nvidia, best perform on the s&p yesterday, up again this morning. what's behind the big move? susan: they are winning this generations chip battle by innovating and getting into the right businesses, so gaming, cloud, artificial intelligence, self driving and also now the server business and challenging intel with its first data server chip. businesses are guiding sales that even surpass their own for the first quarter of this year. yesterday nvidia surging. you have to buy that right names in this chip battle heading into this generation. stuart: we used to say nvidia should be among the five big tech companies and maybe it should be, $600 a share as we speak peer now, what about draftkings? i'm pretty sure they are up. not much, but they are up
with the good news on sports betting. susan: also axioms is reporting that draftkings held potential deal talks with the action network a sports betting platform that analyzes odds, so there is good synergy between the two. arizona and maryland announcing their legalizing sports betting so new york officially approved online sports betting earlier this month so that takes the number of u.s. states legalized online sports betting to roughly 26 and that's good news for draftkings and other online sports better spear draftkings stock has come off, down 20%. they are looking for some catalyst to maybe drive the stock higher. stuart: okay. thank you. by the way the dow jones has taken a turn to the southland and now it's down about 150 points. the latest op-ed in the "wall street journal", the people to judge infrastructure
switcheroo. the definition of the term is not what parents think it mean. bill mcgurn wrote that and he will explain it at the top of the 10:00 o'clock hour peer j.p. morgan says america's reopening on july 4, i think many parts of the country are already wide open. we will discuss that and talk with larry kudlow who will join us shortly peer to the man himself, larry kudlow. look at the windy city. why not. we like to take you around the country. clear blue skies right there in chicago. ♪♪ ♪♪
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it's affecting the dow industrials. by the way, j&j released a statement in reaction to the fda's halting of their vaccine. the safety and well-being of the people who use our products is our number one priority. we are aware of an extremely rare disorder involving people with blood clots in combination with low platelets my small number of individuals who receive the covid vaccine. we made the decision to proactively delay the rollout of vaccine in europe. that is big news. europe it relies on j&j's vaccine. delayed the rollout in europe. more on this throughout the show. j.p. morgan believes july the fourth, will represent the reopening of america. susan, i have been out and about and millions of my fellow americans have been out and about four months and months peer we aren't waiting for july the fourth. susan: you are always a special case. j.p. morgan says and it's
unusual for an investment bank to put a solid date to this reopening of america, but they say july 4, and they are talking about the pent-up demand and also when doctor anthony for algae said we would get herd immunity meaning 70 to 80% of the population has either been inoculated or contracted covid and j.p. morgan says restaurants will benefit so the chipotle of the world they call a by an also quick service, wendy's, upside for mcdonald's and domino's pizza a secular winner, they say. stuart: thank you. i believe we have larry kudlow right now. let me see him on camera. a day or is peer that's how you know you got the man. you can see him smiling. why do you make of this j.p. morgan, reopening of america july 4? come on, a lot of people are open now and the economy as a roaring. what do you say? >> i'm going out to dinner
tonight, so that's a positive peer you are welcome to come, stuart. stuart: you know i never socialize and i never go out at night because i'm asleep by 8:30 p.m. proceed, larry. [laughter] >> we will make it 6:30 p.m. i think the economy is opening and that's why they're so much good news developing and. it will keep opening at a rapid rate. the j&j thing is most unfortunate, but i think they will take care of that in due course, that's in europe rather than here in the states. we are doing 4 million vaccines a day, at least those are the reports of the last day or two peer doctor mccleary told us in the spring we would have herd immunity so that is a plus. whether you have to wait until july 4, i don't know. let's just get new york and california open. seems to me those are the big state problems, but we are on
a role in the economy is booming. you know, i always say this, let's stop taxing and regulating the economy to death. leave it alone. if it's not broke, don't fix it peer all the stuff i see coming out of washington and the biden administration-- stuart: good luck with that. >> i know it's going to close the economy and if they would just leave it alone we would be in fabulous shape. stuart: what about inflation? 2.6% inflation year on year at the consumer level, now that's an uptick in the inflation rate. is this the start of something big that should be of real concern? >> well, i'm still in the camp with the answer of no. core inflation 1.6%, after the jump was in gasoline prices. you had an energy spike. looks to me like it's settling down, interest rate
-- rate spike, the oil spike, gold has been coming off and the dollar is stable. i know there will be some additional inflation and you are running off of low comparisons from a year ago when the pandemic shut down the economy and so forth, but i'm still holding out peer i think you might have a bad month or two, but that's really all i see. i could be wrong. a lot of my friends disagree with me. i'm watching the dollar, stuart, and i'm watching the break even in the treasury market and the yield in the treasury market and i think the inflation flareup of a month ago has calmed down. stuart: i'm just worried is stiff that we are throwing $1.9 trillion into the economy for covid relief, 2.3 trillion over a number of years for so-called infrastructure, federal reserve printing money like crazy, an old-fashioned guy like me is always worried
when a wall of money hits the market and the economy and people think this goes on forever. that's what worries me, larry. >> i think it's a good worry. i think we should hold that thought. like you, i have serious misgivings about these policies coming out of the biden administration. i think they are wrong. i especially think that tax hikes are wrong, i mean, this in might not be intuitive, but raising tax rate and increasing the tax rate is insulted inflationary because it stops the flow of goods and services. people invest less and produce less and job creation is lower and wages slow that's all anti- prosperity, prosperity killers and i think that's a big mistake and that itself without the stimulus from the fed as you say, that would be inflationary. if you could beat the tax hike, then i would say to you get ready for five or six or 7% growth with 2% inflation.
that's a terrific scenario. stuart: i would love to see that ,. larry, hard break, here we go. i have this item, the script says he is at it again peer that's nice way of putting it. listen to this. >> eating and drinking indoors in restaurants and bars, is that okay now? >> no, it's still not okay. stuart: still not okay? we will talk about the fallout from them was comments in a moment. most sectors of the travel industry had come roaring back that's not the story for cruise lines as they are still stuck import. live report on that. look at that lovely ship , stuck import. we'll be back. ♪♪
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as you see the cruiser ships are stuck import until at least in november and lucky old ashley webster gives the plum assignments. are those ships ready to leave the united states? ashley: they certainly are. wouldn't you if you are stuck and not given permission to go out to see. they are looking at other ports, bahama, dominican republic and even greece because they still cannot get permission, that goes back to march, of last year when a no sale order was put in place by the cdc and they have been stuck and they are not happy. of the state of florida is suing the cdc and the biden administration saying you cannot do this. you are unfairly targeting one industry. as you mentioned, the travel industry as a rebounding with more than a million people a day now have been getting into planes and flying, so why not cruiser ships who say they have to get out on that water no later than early july. and they have a huge economic
impact. to tell you what 2020 has done, $32 billion in loss economic activity because of no saline and also 254,000 u.s. jobs lost. it's huge, florida is home to the busiest ports in the world but today it's just me and the pelicans hanging out on the newly constructed passenger boarding gate, and that's about the extent of it. i went to bring in if i can captain john murray the ceo of the port here . captain, what is your thought on this? it seems to me and i have to agree, why is the crews industry being singled out? >> i think it's historical and the first outbreaks. it happened in asia and it's been painted unfairly as an industry unsafe to sale. ashley: very quickly, do they sail again by july? >> good question. the challenges getting the crews back in position and
that will take probably three months. ship. ashley: thank he appeared there you have it, no short-term. meanwhile economic losses continue to add up. stuart: and they do. ashley webster, thank you. still ahead on this program today, bill mcgurn, tennessee senator marsha blackburn, will kane, joe concha. first i will tell you why i think we are in a real estate boom and i don't think it will be a repeat of what happened in the boom 15 years ago. first, a look at portland, oregon. all quiet on the roster in front-- western front . ♪♪ ♪♪ . .
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microsoft is a tad below a valuation of $2 trillion. it is the second most valuable company in america, i think the world. 258 on microsoft. the rest of big techs going up as yield on 10-year treasury stays constant around 165. johnson & johnson paring its loss. it is still down. the fda called for a pause in their covid vaccine. this comes after reports of blood clots in six people. the other big financial story of the day, it is bitcoin. it has hit new highs. 63,600 is the price at the home. coinbase goes public tomorrow. that is stimulating a great deal of interest all across the crypto spectrum. 63,600, up 3,000 bucks for bitcoin right now. and now this. i was standing in line at the grocery store. couldn't help but overhear the conversation of a man gleefully describing how quickly his home
had sold. i heard several conversations like that recently. it is a sure sign we're in real estate boom and we are. red fin, says six out of 10 homes went under contract within two weeks of going on the market. four out of 10 homes, 42% home sold above the asking price. bidding wars are breaking out. that median asking price hit a new all-time high, breaking all the records, $353,000. everyone is reminded of the real estate boom 15 years ago that ended in disaster. are we in for the same thing this time around? my opinion, no. back then the housing boom was based on bad loans, often called liar loans. this boom is a different beast. for a start, there are no more liar loans. these days you jump through hoops to prove you can repay the
loan. this boom is based on trillions pumped into the economy. it is based on people wanting to move after the lockdown. prices are going up so rapidly because supply cannot keep up with demand. that is the problem, supply. you don't put your house up for sale because you're not sure you can afford another one. supply remains limited, prices keep rising. so i asked again, does housing crash again? i think not. the river of money will keep flowing. work from home will keep demand strong. and super tight mortgage rules will keep borrowers in line. eventually the market will pause. eventually home sales will level off. eventually prices might come down a little. i'm out on a limb here. i could see a very sharp pullback for stocks, for cryptos, certainly for digital art, but the post-pandemic real estate market seems much more solid at least to me. it is after all the one investment you can live in.
the second hour of "varney & company" is about to begin. ♪. stuart: whenever i go out out oa limb i call out this guy, scott shellady. i'm out on a limb. i say no crash for housing this time around. what says the voice of reason, scott shellady. >> well you know, stuart, you're right the biggest reason the only reason is this, even if you have a great job and a great credit score the banks have made it so difficult to lend money and they have clamped down so much the buyers are well and truly real buyers number one and number two, stuart a lot of those deals from red fin, a lot is done just with cash. we have a lot of cash transactions. the banks have cracked down. that is so much different than you called them liar loans or we called them no-doc loans where
people didn't show proof of anything and could buy five or six houses. that is exactly right. it is so difficult to refi even if you have a great credit score. hard to get a mortgage if you have a great credit score. a lot are being done in cash. that means the market is lot healthier than it was 15 years ago for sure. stuart: what about the other assets that have seen a big spike, notely bitcoin? today it hit 63,000 bucks in advance of coinbase's trading debut tomorrow? i know we talked about this a lot, scott, but seems to me with coinbase that is seems like cryptos you can't be completely out of? >> i get that view. coinbase wants to take advantage of what is happening in the crypto space right now. i think that is the right thing to do. when it comes down to the bitcoin, ethereum, all the other coins out there we still have to be careful.
i still say you're a pioneer at this point. make sure what you're investing you can afford to lose. central banks will get involved at some point in time. they will not just let this happen because the government will want to tax it, central banks will want to control it, i understand where everybody is going with it. it is a little bit sexy right now, pioneer trade, that is when it is going to happen, the market will reset, it is fun, still like nfts out there, not calling that top of the market. that i think will be the case until we see the central banks and government tax it, want to get involved, i think things change pretty dramatically. stuart: i always ask you about not necessarily financial subjects, let's go with this. dr. fauci, warning people not to eat indoors, even after getting the jab. watch this, please. roll it. >> eating and drinking indoors, in restaurants, and barbs, that okay now?
>> no, it is still not okay for the simple reason that the level of infection, dynamics of infection in the community are still really disturbingly high. stuart: scott, the vaccine was supposed to help get back to normal. come on, i want to hear what you got to say. go ahead. >> well, you know doesn't want to go back to normal he is out of a job when we finally do. they have to propagate all the issues so he continues to be on "time" magazine and the news every sunday. that is the problem. you're exactly right. america is sick and tired of it. we've been beaten up so badly over the past year. we're ready to have the choice given back to us whether we want to take the risk, but not whether dr. fauci thinks we're allowed to take the risk. that is the problem. we're giving the power back to the people, with the mask mandates going away. look, i have said this since last march i am most frustrated man on earth, if you're worried about getting sick, don't go
outside or see anybody else who has been outside and we're good to go. if you want to take the risk, it should be up to you. nobody think america could shut down your business? when did i anybody think america could look you in your own home? that is so sick and this guy is still beating that drum. stuart: incredible to me at least, as a newly minted america. that is not what i thought about america. scott, you're all right. >> thank you. stuart: quickly the market, we're down 120 on the dow. there is plenty of red ink all over the place. and there is this, headline of "the wall street journal," the buttigieg infrastructure switcheroo. bill mcgurn joins us now. this switcheroo, infrastructure is everything nowadays, everything. >> right. stuart: think i this infrastructure proposal is the green new deal in disguise, what say you? >> right. that is our, one of our
editorials today. absolutely. the biden people have learned because of the very compliant press they can call something anything and there won't be any hard questions on it. so infrastructure is popular with people generally because they see it as one of the few tangible manifestations of their tax dollars, right? a new bridge. a new road. so they generally like it. they see it as an improvement but they think of it in terms of these physical things, bridges, roads, power plants and stuff. here we have, you know, the biden administration talking about it like home care and so forth. pete buttigieg calling our highways racist, this will be about race equity. we know it will not pan out the way they're saying it. no one seems to be willing to question them. stuart: but will it pan out? will they get what they want?
will they get this green new deal in disguise? >> i think they will get a lot of it. i doubt they will get all of it but you know, a lot of people will be willing to go' long because there are different projects in their areas. they're hoping to pick off a few democrats. i hope the republicans stand firm. again this isn't a matter whether they which this spending on this bridge is wise or this rail station or whatever. this is about, you know, a big switcheroo, a flimflam telling people one thing and pushing through another and no one again, there are no hard questions. the only hard questions, pete buttigieg went on with chris wallace on sunday. he hammered him for the crazy job estimates. they were saying 19 million jobs from this bill. now turns out buttigieg admitted it is only 2.7 million and you know, how they pretend it is all about this roads and bridges when it is all about, this other wish-list of the democratic
party. stuart: if you're going to transform society be honest about it. bill mcgurn, thank you very much, sir. >> exactly. stuart: let's bring in susan again, please because you have the list of the day's movers. i see gamestop. what's the story. susan: gamestop apparently is looking for a new ceo. reuters reporting that the board has been interviewing candidates from the gaming, e-commerce and technology sectors and they're looking to replace game stop's current ceo george sherman. who has only been on the job the past two years, since 2019. it shows chewy's cofounder, ryan cohn 13% shareholder bringing in new blood and new views to shift the company from bricks and mortars to online and digital. check out the high flying growth names. that is leading the stock market, stu. thanks to inflation, rising prices coming in at a manageable pace i would call it, 2.6%. the 10-year treasury yields
going down, not up in reaction. that is a good thing for the likes of teslas, zooms, growth stocks, these names look cheaper, less risky when yields are down. not getting 1.7% guaranteed money on a 10-year treasury note that you have to think about. stuart: we'll go back to it in a second but i notice microsoft is closing in on a two trillion dollar valuation. i have to grind my axe. susan: celebrate. stuart: 258 at the moment. $1.947 trillion. susan: so predictable. just a little. stuart: i know i am, okay. get back to you, grab, southeast asia, what are they doing? what is the word on grab? susan: it is uber of southeast asia. this is something we talked about. you like this story because it really shows the spac trend is alive and well and growing and thriving this is a 40 billion-dollar deal, the largest spac deal in history. as i mentioned to you, grab is
the uber-of southeast asia, operate in singapore, indonesia, vietnam. 187 million users. that is a lot in 350 cities across the region. they beat uber in the winner-take-all race when it comes to ride-hailing in the region uber selling their business taking a stake in the company. this is funded by silicon valley, spaces are the hottest financial trends of wall street with more than $80 billion already raised so far. that is more than the entirety of 2020. you're up 2,000% already this year from last year. the sec is concerned about where this money is going, how many actually make money. the problem with these blank check companies is that there aren't enough targets and companies to buy, stu. i knew anthony pan starting out grab taxi just in the early 2010s, i will use your line here in this case, when starting out,
well uber-will eat their lunch because uber is a giant in the space and grab is just starting out but you never want to bet against a local player, this case i missed out on it. i use your line as you always say. stuart: such is life. susan, thank you very much indeed. let's get to politics, why not? one squad member suggests if you don't agree with canceling student loan debt you are a racist. we'll take that on just ahead. plus calling for due process for a police officer is apparently a fireable offense in minnesota. yeah, unbelievable. we've got the story. we've got reaction too from the fiery brian kilmeade. president biden claims he want to work with republicans on a infrastructure package. my next guest says his definition of bipartisanship needs work. senator marsha blackburn here live next. ♪.
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♪. stuart: mixed picture on the market this is morning. the dow is down 100. the nasdaq is up nearly 90. big difference. show me johnson & johnson. the fda calling to pause their covid vaccine distribution and use after six women had blood clots. dr. mark siegel on the show earlier this morning said do not be pick to jump to conclusions. roll tape. >> everyone is going to be drawing conclusions that are not warranted. this is extremely rare. it may have to do with one particular type of genetic profile in six people out of 6.8 million. they're right to be careful because it's a new vaccine.
we are not right to generalize this to some kind of hysteria, not at all. stuart: and an official at the fda just said that those who got the j&j jab more than a month ago are at extremely low risk of blood clots. that's it. now this, speaker pelosi reportedly unloads on the squad in an upcoming biography. an excerpt, here it is. pelosi unloads on the squad, adopting a child-like voice when discussing representative alexandria
ocasio-cortez and offers the squad this blunt advice. you're not a one-person show. this is the congress of the united states. senator marsha blackburn, republican from tennessee joins us now. no love lost it seems between these two, senator but, aoc has enormous power, doesn't she? >> she has power in the social media realm but stuart, she was just voted one of the least effective members of congress
and i find it so interesting that pelosi ended up going chief mama in charge on the squad because this isn't reality tv. this is the american people. this is the u.s. taxpayer. this is the business of the u.s. congress. and the rules that are put in place, the laws that are made, the regulations that are set affect the daily lives of the american citizen
and also it affects the environment in which business can take place in this country. stuart: you think that aoc will begin to take more after back seat, or will she continue to lead the progressives? >> her leadership is on social media and even though many of her policies are farfetched they kind of revert back to things
she probably talked about with people as she was waiting tables there in the bar and she felt as if she had answers for, or solutions for different problems but the point is, stuart, in order to get things accomplished you have to work with those on each side of the aisle. just talking about an issue does not get it done. stuart: exactly. and now president biden says he is prepared to negotiate on infrastructure with both sides. he says he is prepared to reach across the aisle and negotiate, give-and-take. do you think he will? >> well, we would certainly hope that that he would begin to back off this bill that is now somewhere between 2.2 and $2.7 trillion. this is the biden boondoggle. you have less than 6% of this
bill going for actual transportation projects, infrastructure project es. but you do have a lot of money in here for high speed trains to nowhere and for other wish-list items. the democrats, things like forced unionization. trying to get rid of right-to-work states like tennessee. these are issues that we want to see come forward . evolve the meaning of infrastructure, means health care, elder care, any number of provisions, electric batteries. putting more money into electric vehicles and roads and bridges as we say in tennessee, that dog
don't hunt. stuart: i wish i could say that accent but i don't even try. marsha blackburn, republican from tennessee. thanks for joining us, we appreciate independent. >> thanks, stuart. stuart: a famous actor, pulling his film out of georgia because of the state's voting laws. all right, susan, who is it? susan: a-list, the will smith slave drama "anticipation" directed by anton fuqua who directed "training day." he is pulling it from georgia, because of state's new voting laws. justify the move, we cannot in good conscience provide economic support to a government that enacts voting laws designed to restrict voter access. this movie was backed by apple studios, meant for apple tv
plus. it is the first film to pull production out of the state because of this new legislation. since 2018, georgia has been attracting a lot of filming -- 2008. disney and marvel movies and tv shows and the cw network. georgia provided a lot of work and jobs for technicians in the film industry. at last count film and tv was worth $2.9 billion to the georgia economy in 2019. that is lot of money they want to protect. they problem live don't want to see the trend continues with more films and more actors. stuart: got it. susan, thank you very much. democrat governor squaring off with the democrat white house over covid restrictions. to open or to close down again, that is michigan's dilemma and we're on it. we're back to the question, would you go back to work? under what conditions would you go back to work? you want to be back in the office again?
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>> the economy is opening. that is why there is so much good news developing. it will keep open at a rapid rate. get new york and california open. seems those are the two big state problems and we're on a roll here. the economy is booming. stuart: we're on a roll here. that was larry kudlow on the show earlier this morning, talking about the opening up the economy but it seems however, a lot of people are very happy to keep on working at home. look at this statistic. i'm not sure i really believe this. robert half is the survey presenter. 34% of workers would rather quick than go back to work. sounds like a very large number to me. let's bring in rob who knows all about the back to work or not back to work business. 34% say they would rather quit than go back to work. seems very high to me. what say you? >> i say it is spot on. i'm in the human resources and
hr business, people are clamoring to stay at home. it has been a significant trend for many, many years. the pandemic has pushed us over the edge. people don't want to go back. they don't want to go back to the bad coffee. they don't want to go back to a place that makes them feel uncomfortable and unsafe because of the pandemic. the world and the economy is opening up, stuart, but people so used to working at home now, they feel they have this power over the employer. the fact that they would quit over actually go back to work is astounding but i think it is true. i think robert half has it 100% right. stuart: okay. i no longer dispute the 34% number but it seems to me that even if it is halfway accurate this is the biggest change to come to america and every place else from the pandemic because this affecting everything. if you have got, if you have got just 10% of people staying at home, that is a huge i am make on all kinds of things.
>> you look at companies, stuart, jpmorgan chase, jamie dimon just came out and said that they think they're only going to need 60 seats for every 100 employees f my math is right, that is right spot on with what robert half is saying. so it is going, immeasureably change the american work place, not just in big cities but in rural areas, but in suburban areas. it will be a major game-changer. landlords will be scrambling. where you used to have only 20 or 30 tenants, you could have 50 or 60 tenants in a building. i don't think the office space is dead but it will be altered. people need to feel safe around need to feel safe in their work place. with the advent of technology and some great things american minds thought of. i think we'll get there. not just like temperature sensors. a company came out with a multifactorred health system, you walk in and checks six or
seven vitals. if companies and free market don't invest in this, the physical work place will continue to suffer but i'm betting on the american ingenuity and entrepreneurs to get people back in the office. stuart: we shall see. not supposed to say it but only time will tell but that is also true. rob basso thanks for joining us as always. >> thanks, stuart. stuart: by the way there is one state that is offering remote workers, move to the state, but be a remote worker, we'll give you 12,000 bucks. where do i go for my 12,000, susan? susan: would you go for 12,000? doesn't that need to be higher for stu varney to be there? stuart: where do i have to move to for 12,000? susan: west virginia. you get $12,000 in cash. you also get passes for a year for whitewater rafting, golf, rock climbing, horseback riding, zip lining which i can never see stuart varney any doing and
other activities as well including skiing. the full relocation package is valued at $20,000 if you include all the passes as well. this is a public/private program looking to lure the outdoor enthusiasts to live in this more rural state. the goal is to stop decline in the population. i didn't know this, stu, west virginia is the only state fewer residents now than they did in 1950. what do you think about zip lining? stuart: i was, i'm on my phone. i was looking for a picture of me zip lining. because i did that. susan: really. stuart: i did in colorado between mountains. i actually did that i'm looking for the photo. i can't find it. susan: we need photo evidence. no one believes you, no one. stuart: next case, susan, nexts case. vaccine -- one cnn host is slamming fox anchors for not posting their photos after getting the jab. i promise we will at least talk about that. first though, truck driver
shortage. it is a perennial problem. causing real headaches for businesses and consumers alike. we have a live report from one business really feeling the pressure here. as we go out to commercial, take a look at san francisco. as i said yesterday, used to drive across that bridge every day. it's beautiful. we'll be back. i had saved up some money and then found the home of my dreams. but, my home of my dreams needed some work. sofi was the first lender that even offered a personal loan, and i didn't even know that was an option. the personal loan let us renovate
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ha ha ha! jimmy how happy are folks who save hundreds of dollars switching to geico? happier than dikembe mutumbo blocking a shot. get happy. get geico. fifteen minutes could save you fifteen percent or more. ♪. stuart: i like that song, actually. it is very appropriate, truck driving man. we're playing that song because there is a nationwide truck driver shortage. actually there always is. it is delaying your deliveries. lydia hu is at, a driving school in new jersey. lydia, will this shortage lead
to increased costs? reporter: stuart, yeah, experts with the american trucking association, they say these costs could get passed along to the consumer, people like you and me. i'm at easy wheels driving school in secaucus, new jersey. i'm with victor instructors. we're in the closed driving course that students use to get their commercial driver's license. one of issues is the pandemic. maybe not surprising. it is taking longer for students to acquire a commercial driver's license. it used to take about two months. now it takes as long as six months in new jersey he says. experts say that same delay is being felt across the country. now the shortage as you alluded to, stuart. it started in 2019 before the pandemic. the american trucking association says there is estimated 60,000 drivers are needed. they believe the shortage has
gotten worse as drivers left the industry. it has been very slow to add drivers during the pandemic but they say, they can't find new drivers and they can't add them stuart. these costs could start mounting. deliveries could slow. consumers could pay more for some of their shipments. the good news to end on a good note, they say anyone who needs a job, truck drive something a great industry to get into. there are experts like victor with easy wheels in secaucus, standing ready to help you get a commercial driver's license. stuart. stuart: we hear you, lydia, i might also add it is hard to find folks with a dead clean license. lydia hu at a driving school. we have movers, big movers actually, susan. why don't you start with streaming services so i look for me with a picture of me zip
lining. susan: fake news. we'll not believe it until you get photo evidence, stu. roku actually higher today, we're looking at a rally in some streaming stocks including netflix, stay at home winners are outperforming given the fact that j&j precautionary halt in the j&j vaccine. at&t which halts hbo max, value play, walt disney, part of the reopening theme. these are decliners with one less vaccine available to give out to the population. one casualty of the covid era is another entertainment name, arc-like cinemas. they have ones in california and one in boston but permanently shutting their doors. their hollywood sunset location was one of the most profitable heaters in the country. unlike amc theaters which has only half of seats available to fill, they were not able to raise cash during the pandemic
times. as a result the parent company shutting down the iconic doors. it is sad. they're beautiful inside. very, very popular in california. stuart: it was an experience which you could really enjoy, getting to the experience, not just the movie. pity about that. susan, thanks very much indeed. serious stuff here, calling for due process for a police officer is apparently a fireable offense in minnesota. we've got that story for you. reaction from brian kilmeade. ♪. incomparable design makes it beautiful. state of the art technology, makes it brilliant. the visionary lexus nx. lease the 2021 nx 300 for $349 a month for 36 months. experience amazing at your lexus dealer.
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stuart: check that market. we still got a nice chunk of green for the nasdaq. it is up 111 points. there is a lot of red for the dow. it is down 133. big tech making a run this morning big time. microsoft at 257. apple is at 133. google is up, amazon is up, facebook is up, big tech doing very well this morning as the yield on 10-year treasury stays stable.
about 1.65%. big tech doing all right. a new survey shows how many day traders think stocks are in a trouble. susan, i'm not sure i always trust the surveys but tell me the number anyway. susan: 75%, 3/4 think the stock markets are bubbly or in a bubble according to a survey by e-trade. that is not stopping them putting in more dollars or investing. day traders amount to a quarter of all the stock trading according to one analysis. they're buying when pros are buying out. they're buying $1.2 billion worth of stocks every day. this is the fomo, fear of missing out. people are not missing out on more gains and people are still piling in. stuart: there is a impact on the overall market, if you have that volume of trading, that is a new factor on the market. >> that is why bank of america
more money flowed in the last five months than the last 12 years as we talked about yesterday. stuart: exactly. big deal indeed. look at this, scenes from last night's on going unrest in minnesota. police used tear gas and rubber bullets, and businesses set on fire. steve harrigan in brooklyn center. that is where the action is. more expected to night, steve? reporter: especially this weekend where it will be warmer people could be out. police have seen two united states of unrest. the police station is being guarded by up-armored humvees. several people were violating curfew overnight, they were throwing bottles, bricks, bottles cans, setting off fireworks and police firing tear gas and flashbang grenades. two stores in this area burned and looted. the minnesota gop is attacking the governor here, the democratic governor saying he is
stirring the flames in this state. the governor tweeted, i am closely monitoring the situation in brooklyn center. gwen and i are praying for dante wright's family as our state mourns the life of another black man taken by lawn enforcement. this occurring 10 miles away the prosecution is wrapping up the case against the former police officer accused of murder, derek chauvin. stuart: thank you very much. we're about to go on the air with brian kilmeade. brian will talk about this unrest in minnesota. that town of brooklyn center. specifically the outrage this morning that the mayor of that small town has fired the city manager because the city manager suggested that the police officer involved in the shooting of that young man should get due process. he was fired for asking for,
demanding due process. isn't that what america is all about? isn't that what our legal system is all about? no matter what the audience says you think they did you give them due process. you have a fair day in court. that is what you get. asking for due process should not be a firing offense. all right. just about bringing on right now. we have brian kilmeade. we have to join him at precisely 10:51. that is where we are now. outrage of the day, city manager in brooklyn center fired for suggesting that the police officer get due process. outrageous, brian. >> absolutely nuts. picture this, stuart. 15 minutes away derek chauvin is getting due process. you watched the nine minute video. your gut told you does he really need it? he got off the neck of george floyd many people think this guy is alive, georgia. floyd is alive. he gets due process. he get as jury trial.
on tape, a third officer come in with a 26 year history, say, taser, taser, it was her gun in her hand inosites of her taser. we want to give her due process. speak to her. he gets fired, no one outraged by that? guess what, sometime during your show today, sometime during my show today the police chief will get fired. they don't like he didn't come out and condemn. stuart: that mike elliot i believe is the mayor of that town. i can't believe it has come to this, brian, the mayor fires people for asking for due process. anyway, i got to move on because there is a whole lot to cover this morning. i want you to look at the tweet from the squad member, ayanna pressley. it reads, you can't be anti-racist if you're anti-student loan debt cancellation. another extraordinary statement from "the squad," brian. >> i don't know what is she even talking about? only minorities go to college?
only minorities take out student loans? what are you even saying? i mean, what is going on with "the squad," they say one thing after another and get a total pass. there is a problem coming from a different community or different party, they want to cancel that person, make them resign, take them off committees. if you are, i don't know, joe biden who i only want to take $10,000 to forgive student debt, maybe he has some racist tendencies. how about this, stuart. what if you're 35 years old, you spent 10 years working an extra job to pay off the loan. you might not be for somebody taking out the same loan not being responsible for the debt? stuart: rashida tlaib says, stop all policing. the policing is basically racist. i mean, i don't know how to wrap my head around all this stuff but it stops when people say you are wrong. america is not a racist society.
this is society a rule of law, we demand due process. this has got to stop somewhere, brian? >> i think so. it is imperfect society but nothing perfect on this planet. that is why you have police to begin with. that is why you have courts to start with. i will add this, if she really believes that, she should be barred from ever calling 911. she should be barred from ever having security because they're racist anyway. you probably don't want them around you anyway. you insulted millions of people in this country and their families and many retired and their families with that ridiculous anti-law enforcement statement. just adds to the rhetoric. who is she, who is voting for her every year? who is she representing? i mean, how is that a rational thought? at the same time we look officer evans in his hearst and family motorcade arriving on capitol hill as he sits in state, he is saluted he gave his life to protect the capitol which she might have been on the inside.
is he a racist? are all law enforcement racist? you can't have it both ways. stuart: this is totally out of hand, totally out of hand. brian, thanks for joining us this morning. >> got it. stuart: try to keep our emotions under lock and key. >> we'll see. stuart: big hour for you still to come. representative dan meuser, he has been to the border. he is going to give us a report. will cain on the minnesota unrest and the latest there from. joe concha on dr. fauci saying you are still not cleared to eat indoors, even if you've been vaccinated. plus larry elder, and a whole lot more. the johnson & johnson vaccine halted here in the u.s. by the cdc and the fda. they're the ones evaluating the risk, not you, it is not going to be your call. it is the authorities. that is coming up next. first that, right there,
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>> the fear factor is huge and i'm very concerned. the right to be careful because it is a new vaccines we are not right to generalize this is a stereo. >> americans are sick and tired of it. we are giving power back to the people but if you are worried just don't go outside. >> you will see earnings far exceed expectations in the future. >> the treasury market and the yield in the treasury market and i think the inflation flareup of a month ago has called down. fireball. stuart: fireball by pitbull. that is the empire state
building and this is varney and company on april 15th, '11:00 eastern time a.m.. the markets, nasdaq up 100, dow jones average down 125 points. a mixed picture on wall street this morning, we will get into it but first this. a dramatic headline this morning and it was a curveball thrown right at the vaccination effort. government called for a pause on johnson & johnson vaccinations, 6 people, all women aged 18 to 48 developed a rare blood clot disorder within two weeks of getting the j and j jab. one of those women died. 7 million people in america have already taken this vaccine and another 9 million doses have been shipped to the states ready for use. the states will decide whether to use them or not. this will be a tough call for governors. this is obviously concern for all those people who've taken this vaccine already and an added concern for those already worried about the risks of getting any kind of jab, likely
to make doctor fauci more cautious about lifting restrictions will cloud the discussion about vaccine passports. the cloud the discussion about employers requiring vaccination for their employees so here's where we stand. 7 million j and j jabs in america, 6 blood clotting problems, 34 million j and j jabs in europe and britain, 222 blood clotting problems. the authorities have to decide what level of risk is acceptable. they will decide, not you. third hour of "varney and company" about to begin.
will kane joins us now, valued guest, co-anchor of fox and friends weekend. didn't you get the j and j jab just last week. >> one week ago and my wife who fits the demographic you laid out, 18 to 40 and also got j and j shot a week and a half ago so this news story we are right there in the bull's-eye. stuart: it would seem to me to discourage people from getting any vaccine because if you raise the risk of one, you put that thought into people's head this is the last thing we need because we want more vaccinations, that is my opinion. how about you? >> yes. in a year our decision-making has been more driven by fear than logic and rationality we have to do our best to come back to clear thinking and decision-making. i did this when listening to you talk and you were laying out the take, you said 34 million j and j shots in europe and in the uk, 222 problems with blood clotting.
the percentage of chances for what it is worth, 0.000006% of people have had a problem. a pretty minuscule number. i will not dismiss anyone's concern. you should be able to make your own logical decision about your risk and risk analysis but even though i said at the beginning of the segment that i am in that story, my wife is in the story, my concerns are not that high. i can do the math. the math is not great. the math for covid 19 isn't that great on the number of people who get sick, get infected and die but we can do this analysis and decide what is right for us and our families. stuart: how about returning to work? that seems to me to be the biggest change coming out of the pandemic lockdown, the number of people, some people put it at 30% are not willing to go back to the office, that is the biggest impact from this
pandemic. >> we have completely divorced ourselves from anyone having irrational thought. this is absolutely fear-based decision-making. let's say for one quick aside that is being encouraged by people like doctor fauci who lost a ton of credibility this past year, doctor fauci this weekend was asked about texas cases and how it has gone down after the mask mandate was lifted and wasn't willing to admit that after 5 weeks, maybe lockdowns didn't prove to be the best cure, doctor fauci is talking about children wearing masks when they play sports outdoors. we have absolutely allowed fear to take over our decision-making and i do believe now, you're thinking you can't interact, socialize, even go indoors at times and be in places around other people much less work you are not doing the math i just laid out, not doing logic and allowing yourself to make rational decisions, you're being fear driven and it is sad that our society has been taken over by
such fear mongering in the past year. stuart: that is true but there are awful lot of people who enjoy working from home, who have more time with the children, don't have the commute, maybe living in a low tax state, it is not fear keeping them out of the office, it is contentment with where they are. >> and here is another angle. there are many people who have allowed this entire pandemic to become part of their identity meaning they are deriving moral superiority, deriving a sense of self by being more covid aware than you are. i was playing racquetball in new york, the masks were down because we were huffing and puffing and somebody told the security guard from another room, that these two guys masks were down. what are they going to do when mask mandate go away? how will they find their moral support he, however find their self-identity, people have
enjoyed working from home and don't know who they are anymore outside their moral superiority over you when it comes to their covid precautions? stuart: that was new york city where moral superiority rains. thanks very much. see us again. next case, frequent guest on the program, john layfield, he was inducted into the hall of fame, wrestlemania this past weekend, both nights filled to capacity with 25,000 people in the aforementioned john layfield joins us now. that strikes me, a lot of pent-up demand here but we are opening up, out and about, recovering fast. >> we are and it was adherence to all cdc and covid protocols
that was so great to see people back in the arena having a good time, not just good for wwe and wwe fans want to see wrestlemania, it is good for america, but the opening segment where vincent says welcome to wrestlemania and those fans have been locked up for over a year with this pandemic. i've done a lot of this for 30 years and never felt anything as electric as that moment those fans got to see something in person. it is terrific for our country, pent-up demand is being unleashed, terrific for our economy going forward. stuart: looked like you were back to your old performance level but you got to tell us about bitcoin. i got to get away with this. you got to tell me about
bitcoin surging 63,$000 ahead of tomorrow's coin base going public. seems to me this is a quiet respectability, liquidity, and exchange, market going ahead, can you afford not to be part of the crypto craze? >> the respectability is exactly right. a legit asset class is almost like the railroad days, instead of buying the railroads, picks and shovels, you need somewhere to change this, 56% of coin base revenue comes from bitcoin but when you get countries like china and india talking about bringing out their own digital currency you need somewhere to store and transact it and this is why coin base derivative tripled in the last year, depends on valuation. stuart: it is worth $100 billion on ipo day i would tend to back off because that's
an awfully high number. last word to you. >> so much money is chasing yield i completely agree this is a great company. the value of the stock price because of so much money pushing and i would wait for it to pull back a little bit. >> if it does. thanks very much, congratulations on the wrestlemania award. all good stuff. i want to stay on this point to bring in susan because susan is watching the bitcoin stocks, whatever they are. what have you got? >> with that coin base direct listing, the valuation bringing $150 billion so you could get 50% up on day one and that is the reason bitcoin is turning it these record levels taking a long bitcoin stocks of companies that hold bitcoin like tesla, square, micro strategy along with payments companies like paypal, block
jane's, they of mind 1500 bitcoin's, grayscale getting a lift as well. i want to show you stay-at-home winners because j&j vaccine rallying stocks once again so the zooms of the world are benefiting from inflation, prices under control and that means treasury yields staying stable and finally the chip winner of this generation will make more money in the first quarter than their own forecasts, looking at a record high of stock heavy volumes this morning, higher than the 10 day average worth $800 so you could get roughly almost 40% from here. stuart: how many times as we said this? i missed that one. so smart. congratulations to you. jeff bezos will soon be one step closer to sending humans
into space. tomorrow's test launch will be critical. we will explain why in just a moment. we have all these problems in the world but one cnn host is complaining that fox anchors are not showing off their vaccine selfys. joe can'ta on that. the white house just struck a deal with three central american countries to stem the tide of migrants at the border. will it work? congressman dan music just returned from the border and is on the show next. 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.
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stuart: the biden administration has struck in mexico, but and hunters, they will deploy troops to their borders to deal with the migrant surge to america. richardson is in the rio grande valley. you went on a boat tour, got a close look at the border. what did you see? >> this is the rio grande valley and this is where much of that surge is coming, migrant families crossing the river. i'm you are looking at mexico so this is a major crossing point. we were out with texas state troopers, they say they patrol this river on speedboats for a good 10 hours a day, they are trying to deter illegal migration, they are seizing drugs and often they say they'reed turned into humanitarian missions, rescuing migrants from the rio grande who made a dangerous trip to mexico or have fallen into the river. troopers say they are seeing a steady stream of inflatable rafts coming across to well-worn paths north.
this recent surge, compare that to 6 or 7 years doing this. >> 2014-15 there was a lot of migrants coming across, the traffic but i can tell you in the last human's working down here on a daily basis i have never seen that many. >> sometimes cartels will drop off dozens of migrants in one spot on the river to distract border patrol and then run drugs across at another point. republicans push for return of trump era policies to reduce migration president biden has nominated tucson arizona police chief chris magnus to lead customs and border protection, the agency within dhs that is handling much of this surge. magnus is an outspoken critic
of donald trump's border approach, democrats want to invest billions more in central america to improve conditions there so in the meantime you have that agreement, the white house announcing they've struck with mexico, honduras and guatemala, they will try to stem the migration that ultimately ends up here. stuart: richardson at the border, thank you, let's bring in congressman dan user has been to the border very recently. this deal, mexico, honduras, guatemala, they going to put troops on their border to stop the flow to america, do you think it works? >> it has worked in the past. under the trump administration over 15,000 mexican troops, military, were placed on the border. there was also cooperation from the northern triangle and 16, 17, 18, the funding was going to the northern triangle, guatemala, honduras, central american countries so that
didn't work then. by the way as well the funding was only delay during the trump administration because we were not getting the cooperation but the fact is the military had been used before. it was effective with the mexican military. why that has changed over the last several months is a good question that i'm going to find out but i will just add this. customs and border patrol laid out to republicans and democrats, we said yesterday and the day before the four issues they laid out none of them included utilizing the military. it is about the policies, communication and welcome mat the biden administration has put out but it is a positive development and will help, it has been done before. let's reinstitute it. stuart: when you went to the border it was a bipartisan trip. what did you see at the border?
conditions for those detained? >> very troubling, very sad. we saw a lot of drugs coming across, 2000% increase in fentanyl coming across the border. since last year. fentanyl. highly addictive, killer drug in my district throughout pennsylvania, so outrageous, apps is way up, guns are up 137% from this time last year. number 2, we saw all kinds of people coming across in temporary detaining areas and the worst part of it was the detention centers where you had 6% the number of unaccompanied minors, young people, boys and one area, girls another, different pods as they referred to them, really challenging to say the least conditions. customs and border patrol are not is knocking themselves out doing a great job with what they have.
it is not an unhealthy, necessarily, in this covid age, but it is a very very troubling, sad situation. the reason that occurred, two reasons. one, because we removed the remain in mexico policy where you can get asylum in mexico, not in the united states, now you come to the united states, seek asylum, catch and release is in effect, that was not the case during the trump administration and secondly, pre-biden let's say, secondly, related to title 42, title 42 says we can return you, we can deport you, what changed in the biden administration is now unaccompanied minors will not get deported. they put that message out. that is why we had 50,000 unaccompanied minors being sent to the united states by parents with phone numbers written on their arms of who they are to call when they get to the united states.
this is caused by messaging, policy changes, they need to be corrected and reversed, this is a humanitarian crisis, we need to solve this problem and it can be solved. stuart: don't hold your breath, thanks for joining us. back to the markets, some red ink as far as the dow is concerned, a nice green move for the nasdaq, now it is up 70 on the nasdaq, down 110 on the dow jones average. how about big tech doing very well this morning, apple 133, facebook 312, amazon $3,400 a share. they brought in $1.7 billion in revenue last year, that is up 110% year over year, it's he a pandemic winner. show me amazon, jeff bezos's. origin set for a test flight tomorrow. are they prepping for humans? >> that is the plan, a
rehearsal launch that will take place tomorrow morning for 9:00 eastern, 8 am central time in texas. no humans will be on board but the rehearsal will do everything they do in a real launch, preflight checks and return, they are trying to innovate on these reusable rockets so it comes back to earth. blue origin hopes to start flying people sometime this year but they are behind space x which has sent people into space to the international space station on that first ever private spaceflight last year we all watched in may, that was spectacular, wasn't it? >> it wasn't i love to see all the money generated by big tech going into different industries whether it is medicine for amazon or microsoft, space for amazon, all good stuff. hold on. hold on.
what is this about ufo sightings surged during the pandemic? >> the you believe in ufos? >> i will not answer the question. >> you asked me and i answered. do you believe? stuart: i don't. >> people think there is life outside of earth. less people flying during covid meant these guys were more clear, less light pollution and new yorkers had more time to ponder staring into the sky so what did they see? they saw ufos at twice the rate last year. in new york 300 more sightings being called in according to the national ufo reporting center and they had 7200 across the country. we will have some video for you.
>> that is an objective news report. good lord. i've got to move on. more than 36% of us have had at least one covid shot. doctor fauci still says this, role tape. >> eating and drinking in doors and restaurants and bars, is that okay now? >> it is still not okay. >> still not okay. joe conchaces we need to stop this live in fear mentality. president biden's $2 trillion spending plan for infrastructure could wind up hurting your bank account by driving up prices on stuff we use every day. we will explain it next. seeing blood when you brush or floss can be a sign of early gum damage.
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rebranding from an infrastructure package so economists are seeing inflation rise with the money congress has put into the economy. the inflation rate, 2.4% this year and coming back down so i did speak with boston federal president and rosen and his vote matters, next year his vote will set monetary policy and he will watch inflation closely. >> the most likely economic conditions, continued labor markets flat, inflation around 2% so that is an environment
where accommodative policy is something. if instead we found ourselves with much higher inflation than we expected, we have the tools to react to that so we would have a tighter policy if we ended up having a lot more inflation but that is not what they forecast. >> the models have a lot of uncertainty in them because they don't have a historical basis for a pandemic. >> infrastructure program depends what you are spending money on. if it is a high return project you should do that and interest rates are quite low. it may be an appropriate time to do a large infrastructure spend but it makes sense to help the productive capacity in the us economy and how that is going to be important. >> talking about through
infrastructure package. the biden plan has other things that might be in it. he does say it is okay running a deficit at this point. he believes the economy will be back to 4% unemployment in 2023. the treasury secretary thinks next year. stuart: glad he was talking about a real infrastructure package and not the one we've got. >> he made distinction saying invest in what can make money for us like roads and bridges. stuart: with him all the way. doctor fauci warning people not to eat indoors even after getting the jab. role tape. >> eating and thinking indoors, restaurants and bars, is that okay now? >> it is still not okay for the simple reason that the level of infection, dynamics of infection in the community are still really disturbingly high.
stuart: joe concha on the right-hand side of your screen. i am getting a bad case of fauci fatigue, how about you? >> a column in the hell calling it just that, fauci fatigue. he says it is not okay to go to a restaurant with other vaccinated people in doors, my friends are fully vaccinated, he still says that should not happen but then i go to the cdc website and look at their recommendation, quote, fully vaccinated people can visit with other fully vaccinated people in doors without wearing masks or physical distancing so what does that tell us? with a we look at the numbers, take the opinion out of this, february 13th the 7-day rolling average for covid related deaths in the united states,
3146. on april 12th two month later the daily duffel dropped to 946, 2200 less. look at the chart is trending down precipitously. we are vaccinating 4.6 million people per day, that will help as well in terms of getting us to herd immunity. doctor fauci when it comes to hear or texas, texas when they lifted their mask mandate march 2nd, he said it was very risky and you've seen a surge go back with public health measures, we look at the numbers in texas, this is 40 days later, the rolling average of covid depth in texas was 232, the 7-day rolling average is 73. despite lifting the mask mandate and president biden calling them neanderthal, when doctor fauci was asked how could you explain his huge drop in texas despite the mask mandate going up, didn't have an answer, guess people are going outdoors more. at this point it seems like he's getting it wrong so often and even contradicting his own cdc, sharing his feelings on the matter instead of following the facts as he said he would. stuart: he lost credibility,
that is the bottom line, that would be my opinion. i want to show our audience something and want your comments. cnn, fox journalists should share their vaccine selfys. >> it is important to see these tv anchors, personalities showing themselves getting the shot. we've seen a lot of vaccine selfys from lots of folks in lots of networks. it has been inspiring to see. where the biggest stars on fox getting vaccinated? everyone is out doing it. stuart: have at it. >> very interesting. i remember that term in high school when i was pressured, everybody is doing it, why not you. the decisions people make in terms of their health, individuals, very sensitive,
personal and private thing especially when it comes to vaccines. think of the flu vaccine, not even half of americans, 49-$0.51, get the flu vaccine. the passion around this particular topic in terms of whether to get vaccine or not is not going to be swayed because the tv host supposed to selfy on the air or puts it up on a twitter feed because it is the opinions and tension around the topic are so strong. it is a ridiculous argument from somebody the author michael called quite a ridiculous figure and a dishonest one as well. i would love to see him address this on twitter or his television show if he has the guts. janice d the admission is strong in that one. stuart: come back and see us again soon. appreciate you being here.
got to update you on minneapolis or town near minneapolis in the brooklyn center, second night of rioting after a black man shot and killed by police. scenes like these have become all too familiar after these awful incidents. larry elder will comment on that. florida lost at least $3 billion when cruises shutdown for the pandemic, the state suing, they want to start sailing again. we will take you to port canaveral where ashley webster has a report on the cruise industry, back in a moment. ♪♪
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international airport, southern california, one of the busiest airports in the country, can't tell if it is busy or not but how much traffic, look at this, yesterday 1.4 million, nearly 1 and a half million travelers pass through checkpoints nationwide, compared to the same day last year. come on in, what are airline stocks doing today? >> pretty lucrative. they are down today on precautionary halt, that threatens the slowdown in the reopening and travel, american airlines announcing they lost almost $3 billion in the first quarter of the year, united airlines did the same yesterday in the recovery and travel isn't going to be instant and is going to take more time. they are still bullish on airlines upgrading spirit airlines, you can make 20% more on jetblue and 30% on spirit
and the discount airlines were outperforming and did better competing for the reopening business but still raising target prices on american, united, and delta. the planemake or boeing is outperforming the airline with the second month of higher orders, delivering 50% more than last year, the majority being 737 maxes. stuart: let's move on to the cruise stocks and cruise line stocks pushing back against the cdc's order, no sale until november. ashley webster is at port canaveral in florida. you got news on something called the cruise act. what do you have? ashley: another effort to force the cdc to allow cruising to resume being led by senators
rick scott and marco rubio of florida and dan sullivan of alaska, alaska gets a lot of money from the cruise industry, they too are hurting, it is led in the house, by maria salas are. it is called cruise resumption under improved safety enhancement. that is -- it stands for cruise. i can't speak, the wind is howling. it would revoke cdc's ability to enforce the no sale order they put in place last march and they say it is a time the air travel being quite extensive even florida governor rhonda santos said you can't mothball an industry. listen to what he had to say early last week. >> we don't believe the federal government has the right to mothball a major industry for over a year based on very little evidence and very little
data and we have a good chance for success. ashley: we will have to wait and see but the cdc under attack from all sides. early july is when it is hoped the cruise lines can get going again, picking up for what president biden said, let's get back to sort of normal by the fourth of july, cruise lines keeping their fingers crossed and somewhere else around the world to do their operations leaving this area high and dry. back to you. stuart: thanks very much indeed, time to bring in the mayor of miami francis warez. welcome back to the program. can you tell us how much your city has lost because of this freeze on cruises? >> it is incalculable. it not only affects the industry which employs thousands of people and not only does it affect the planes who enjoy and save money to take their own vacation on a
cruise ship but also affects the local economy tremendously. many people come to miami a day or 2 in advance, stay here, eat at our restaurants and hotels so it affects the entire economy of the city not having the cruise ships sailing. for us it is a major issue and i support the effort of the senators, the lawsuit by the governor and everyone who is trying to fight to get cruising happening as quickly as possible and have the cdc come to their senses. stuart: i know you want this to happen but do you think you have a good shot at cruising again as of july 1st? >> we hope so. the vaccine is taking significant hold from 16 years old and above, major public hospital, largest public
hospital in america that has a territory of 2.8 million people in the public hospital for covid. to help get the cruise industry going, and people are traveling all over the country and all over the world and doing it safely so there are ways to make sure it can be done in a safe manner and should start immediately. stuart: you've got it and we wish the best of luck, your honor and thanks for being on the show, appreciate it. minnesota businesses clean up after looters destroy their stores. this is becoming all too common. larry elder joins me in a moment. grow from our imaginat, but they can't be held back. they want to be set free.
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dante right during a traffic stop. former president obama tweeting this morning our hearts are heavy over another shooting of a black man, and a full and transparent investigation. this is a reminder how badly we need to reimagine policing and public safety in this country. larry elder, your response. >> i will try not to be angry. barack obama is a smart man. he knows what i know. he read the same studies i read. he has done a great deal of work on this and he knows the police if anything are more hesitant, more reluctant to pull the trigger on a black suspect away suspect, and the black harvard economist down the same thing. and long articles show is going
back for decades. 3 times more reluctant to hold the trigger on a black suspect in a white suspect. obama knows every year the police kill more unarmed whites and unarmed blacks. obama knows out of the 7000 black homicide victims last year only one third of one%, i repeat, one third of one% are unarmed blacks shot by the cops. obama knows it is a damn why the police engage in systemic racism. he says it because democrats need to have that narrative to convince 13% of the population black people that america is systemically racism against them and come election time pulled the lever for us, keep us in power. that is why, do you think he tells sasha and melia when they are pulled over to confront the officer or do you think he tells them if they are stop by the police be cooperative, make sure you are left-handed at 10:00 the right-hand at 2:00,
say yes, sir, make sure your paperwork is in order and if you feel your mistreated deal with it while you are alive. is that the advice he gives or does he tell them to not comply where gardner failed to comply with pretty gray or george lloyd failed to comply with jacob lake failed to comply, do you think he told him that? he doesn't. he's making the country were sticky democrats in power. i wonder how the man gets up in the mirror and look at his face every morning. stuart: it is very discouraging when this kind of thing happens after every incident involving a black man and a police officer. it is discouraging for america. >> martin luther king said riots idling which of the unheard. many people on the left use that to minimize if not justify these riots. that was in the 60s. every major city has had or has had a black mayor. every major city has or has had
a black police chief. virtually every major city has or has had a black superintendent of public schools and yet the schools k-12 are rotten, lousy and we should do something about that and things worse in this country. president obama, rethink your attitude and become a statesman, not a politician. stuart: you restrained your anger. not done yet. i told you i zip lines, the proof next.
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stuart: there's the proof. yes i zip lined in colorado. are you satisfied, susan li. stuart: producer and i say it is not an action shot but you have a lot of vitality for a person your age. stuart: that is kind word, susan. i appreciate that. my time is up. neil, it is yours. neil: i weren't zip lining once and took down the entire rainforest. bad memories that ask whole another story when we have time, my friend. very cool, very cool. a whole lot of developments occurring at the same time. the dr. fauci will be at the white house briefing. we might dip into that because he said a lot of controversial