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tv   Varney Company  FOX Business  December 20, 2021 9:00am-11:58am EST

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that's what he seems to suggest there. it sounds like he'll bring back make america great again. that is his campaign slogan. it'll be interesting to watch him from the sidelines over the next year or two to see what happens. >> i've been skeptical that is going to run again but you managed to get it out of them, it was a great interview. >> thank you so much, have a great day, "varney & company" begins right now. stu taken away. stuart: it was a great interview, congratulations and good morning, good morning, everyone. three headlines, they are all connected. joe manchin says no to build back better. omicron spread rapidly ringing new restrictions and closures in the big market selloff. they are links. senator joe manchin told brett baier on "fox news sunday" that he cannot support the
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president's 2.2 trillion dollars spending plan. an outreach white house responded with a harsh statement and bernie sanders calling manchin a coward. it is the civil war among democrats. tomorrow at noon the president addresses the nation on the rapid spread of the omicron. we do not know what is going to say. this area is fast-moving symptoms are mild but if you got it you say home and so do people who come in contact. that slows things down, europe is moving towards heavy restrictions especially on travel. in the netherlands of full lockdown. investors do not like this goldman sachs is without build back better economic growth will slow next year the dow will open up 400, the s&p down 58 and another big loss for the nasdaq down 220, bitcoin on the downside the latest i have is
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45700. interest-rate data low level money going into the ten year treasury pushing the yield down to 139 right now. what you see there is a flight to safety five days to christmas political turmoil civil war is spreading virus and an announcement coming in a market selloff in progress. monday december 20, 2021 "varney & company" is about to begin. ♪ ♪ ♪. stuart: right to the market this monday morning look what's happening a shortened trading week, is likely to be volatile in the extreme red ink across-the-board left hand side of the screen jason chaffetz with us is monday morning rapidly spreading omicron and
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manchin is a no on build back better. are those the reasons for the selloff? >> that and more it is a perfect storm the fourth covid wave which is the title with persistent inflation, a fed that pivoted and now build back better likely dead on arrival there is a hit to gdp although that might be an inflationary standpoint. all of that in the face of what's going to be holiday shortened market, i would buckle up this week. stuart: you think it's the end of the bull market. >> i think the heavy gains we've enjoyed those in the rearview mirror we will have to moderate our expectation and embrace for boarding were getting it positive but muted return but prepare for volatility all of those assume portfolio managers will sit on their hands and be content to the holiday season
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were sorely mistaken. >> i would brace for stocks continuing to spike and volatility. stuart: if there is no build back better, does that mean there is no tax increase on capital gains or personal income i would've thought that was a plus for the market. >> you would think so i'm not so sure the build back better is at the heart of what's going on. what you're looking at a bond market that is very confused. has the fed got ahead of themselves are they going to raise rates too much. his equity slow the economy. on the other side has no virus gave them apposite spars raising rates. if they don't raise rates how will they contend with inflation. you have a lot of mixed messaging and that's at the heart of the selloff. stuart: you see any new highs for the major indicators in the next couple of months?
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>> no, i think you will see a year end selloff but not anything catastrophic, and the beginning of the year a lot of people who postpone capital gains will probably do that. i think we need to get there one or two earnings. to prove businesses and consumers alike are as adaptable as they were during the first wave of the covered virus. i think we could gradually grind higher and may be in for lucky get to 5100 next year but that's looking like a stretch. stuart: thank you for joining us this monday morning we will see you again soon. to the big story on capitol hill, were talking politics senator joe manchin is a no vote on the build back better. good morning to you. you give brett baier any reason for the snow speaker he says is too ambitious. >> i've always said this but if i cannot go home and explain it to the people of west virginia, i cannot vote for it. and i cannot vote to continue
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with this piece of legislation. i cannot i've tried everything possible i cannot get there. >> you're done, this is a no? >> this is a no on this legislation. i've done everything i know to do. susan: his team told the white house that he was in no. they felt blindsided and betrayed saying this. senator manchin promised to continue conversation that the days ahead into work to reach the common ground. if his comments on fox and written statement indicating into the effort they represent a sudden and inexplicable reversal in his position and his commitments to the president and senators colleagues. we will continue to press him to see if he will reverse his position again to honor his prior commitments and be true to his word. the thinking is they have another unit passes or a version of it. he's been crystal clear about
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the size and scope they were too broad it's not what the people west virginia or what the american people want. do the democrats change course in this election year? stuart: that's a good question i cannot answer it. that was a harsh statement from the white house. whatever love affair between divided and manchin is gone, it is toxic right now. thank you so much indeed. no other way to put it, the democrats are at each other's throats. roll tape. >> we knew senator manchin cannot be trusted. the excuses that he just made our complete [bleep] >> is never negotiated in good faith and he's obstructing the president's agenda. >> if he does not have the courage to do the right thing for the working families in west virginia and america, let him vote no. stuart: i expect to see match lap with a smile on his face.
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this is civil war among the democrats, much to your advantage. let's count this further. is there anything that can be resurrected after build back better for next year with this divided democrat party? >> it's a good question by the way, merry christmas i got the biggest christmas present i could've imagined. the fact is the problem with build back better is socialism works with you giving people benefits and they feel like government is compassion and cares about people. the problem the other side of socialism everybody is working hard, if you look at the polling number the american people by overwhelming numbers do not want to give benefits to illegals especially the ones that recently crossed, the american people overwhelmingly don't want to make gas prices more expensive and as you know gas prices have gone through the roof. the american people don't like the idea of making the good staples cost more.
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build back better has become toxic for any democrat he's running an approval in a red area like west virginia. stuart: supposing the left is nasty to senator manchin and they have been really nasty some of the things that the squad was saying and bernie sanders they are really going after him. if they went after him too much could he respond and change parties and therefore upset the balance of power in the senate, is that outside of my thinking, is it possible? >> i've been involved in a lot of parties switching over the years and usually is a member of the democratic party who is a lot more moderate, maybe a conservative democrat. joe manchin has never done this to a democratic president, he has never been the vote to kill the central part of their platform. this is a new day for joe manchin, he's about to stop the momentum of the biden
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presidency. i think this is a shift with joe manchin. he's looking at west virginia, it's very pro chum, overwhelmingly pro-trump is made to the american party even though he's an older man, he knows if he wants to run again he cannot be associated with the democratic party. it's a good question, the livewire. stuart: you're having a good week. thank you very much for being here. merry christmas to you. >> you too, sir. >> even if senator manchin changed his mind democrats could not pass the back better. this has something to do with the senator warren and cory booker, correct. lauren: they have breakthrough covid cases and they both were both boosted, should there have been about christmas become build back better, you would either vote and they cannot be there for it. stuart: that tells you something, both vaccinated, both boosted and they both have covid. stuart: they took the opportunity and tweeted their status to the iraqi people and they said fully vaccinated and
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boosted, mild symptoms could've been far worse had we not been fully vaccinated. stuart: they cannot go on the senate floor to vote, got it, thank you very much. look at futures. coming back a little bit. this is the hope of the market we were down 400, we were down 386 and now the nasdaq is down over 200 points. you remember when we used to go massless on planes, that may be a thing of the past according to the top doctor of the white house. rotate. >> are we going to get to the point where we will have to wear masks on airplanes. >> i don't think so. stuart: it could be a new way of life, i'm not sure i like that. president biden will give a big speech on omicron tomorrow. are more restrictions coming all asked doctor marc siegel after this. ♪ flexshares etfs are built with advanced modeling.
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that the fox christmas tree, 2800 degrees in new york this monday morning looks deserted. futures pointing south down about 200 on the nasdaq is nearly 400 on the dow, shall be the vaccine makers, madonna says a booster shot me vacantly raises the level of antibodies to fight omicron. joining me this morning of 8% president biden delivers a big speech on omicron tomorrow and doctor siegel joins us this morning. they're predicting 15000 deaths
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a week in early january from omicron in light of that are we likely to hear the president calling for new restrictions tomorrow? >> after the president does he creates more fear and check things down. we barely see mitigation with universities closing two days before break and what they reopen. i'm concerned because i don't see any evidence that closing schools and the university decreases the spread of violence. as for the into the community window put people in a central location all of that back to two years when it was an effective i'm expecting more about instead of what i would like to see which is the president talk about tools. look at the stock price, the booster itself gives you 37
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times more neutralizing antibodies against omicron and 100 micrograms of old dose of the booster gives you 83 times more in pfizer has been shown to be useful. if they would talk about the effectiveness of the booster or money from the federal government to create more boosters that are targeted. imagine what gsk would give the government would buy 100 million doses of the monoclonal antibody that works against this work the fda would get off it's tough and approve the new pfizer pill that decreases hospitalizations by 90%. it would definitely work against invariant. that is tools and tools create optimism rather than fear. stuart: i see new research which shows this year's flu shot is a bad match and does not work. then we keep you green the breaker cases of covid and people have been vaccinated and
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got the booster as well. the whole thing seems to be undermining confidence in vaccines. >> that the fairpoint i want to parse that out, the flu shot quite frankly is not a great shot but we've been talking about it for ten years later decreases hospitalizations and visits to urgent care significantly. even if it's a bad match like this year not a great shot. but the new shots for covid are tremendous shots. we were talking about 95% effectiveness. if you are fully boosted against covid and omicron and you get a mild case with a sniffle or fatigue for a day or two which is what were seen in people who are boosted, that is not the same thing is ending up extremely sick for a week or two are in the hospital, god for bed these shots work they decrease severe illness. a study out of the uk shows a fully boosted by either shot
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your chances of a serious illness goes down 90% against omicron, get boosted. stuart: get that out there, doctor thank you very much for joining us, the entrance you again really soon. the white house is playing cleanup after the vice president's comments on omicron is before we did not see delta coming, most scientists did not upon his advice and direction we relied did not see delta coming. we did not see omicron coming that is the nature of what this awful virus have been which is mutations invariant very poor choice and true choice of words she does anticipate the variant. there seems to be a shock in the administration who celebrated independence from covid july 4 that we are still dealing with this. we know what she met but your job is to expect the variant and that expected not to say you
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didn't see it coming. stuart: one more important thing, israel may ban travel to the united states. lauren: they voted to ban from traveling here, no fly list includes germany, italy, canada and other nations and we do have new rules announced in germany, after christmas starting on the 28th you cannot gather private groups of more than ten regardless of vaccination status. stuart: the netherlands went to full lockdown today. travel is completely interrupted throughout europe and coming to the united states. it's then disrupted throughout the world. stuart: that has the market worried everything slowed down look at the airlines, were gonna check the market in the moment the opening bell is next. were looking at a lot of red ink. ♪
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stuart: as selloff at the opening bell reading across the board and keith fitz joins me right now. something tells me you are not buying the step, are you.
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>> you are correct in your assumption i am in no hurry to do anything today. this is headline central, psychology central, like watching ping-pong except all the action on one end of the table. stuart: now we have the omicron variant spreading rapidly. not strong symptoms, nonetheless it spreading, if you got it you don't go to work and if we come in contact with somebody those people don't go to work. that is one of the reasons for the selloff, what is the other one, build back better, dad, goldman sachs says it cuts economic growth, what is the story. >> i agree with both of those it introduces uncertainty to the markets, traders don't like that and they don't understand leverage, the fed is in left field. between all of those things people are simply stepping back and say way you know minute we had to reassess this. i really wish we would see santa claus this year but it might be the grinch who steals the rally.
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stuart: do you think this is the end of the bull market? >> it's too early to make that call, the selloff is very technical in nature, the business case for many of the companies visors, bitterness, apples, microsoft is getting stronger, if you look at anything today i'm going to be looking at walmart is proven to be a savior in the midst of all of this for millions of families and may well be again. stuart: you're not jumping into by very vigorously are you questioning. >> this is not what are the days where you want to make grass decisions. this is the day you want to be careful very measured and delivered. the path forward is always going to be looking into the future, it's not looking where we've been, the return to normal is off the table. it's the world will look like is what you want to think about. stuart: it build back better is dead, if it is and it's on life
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support. that means there will not be tax increases on capital gains and personal income. i thought that would've been a plus for the market. >> it is interesting i have to disagree on that one little bit. i think the beltway are going to find a way to push the taxes through regardless of not the cash for the build back better plan i would not be so quick to dismiss the tax component. i think they will find another way to grab at it. stuart: what do you think the fed's response is going to be to the rapidly spreading omicron in the slowing economy. >> i think the feds response should be we messed up here's why it's not going to happen, here's what were going to do to fix it, this is terrible and morgan have accommodated things, who knows what the going to say. i tell you what i would want to hear them say. stuart: tell me again what do you want them to say. >> one, why did this happen, why
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is inflation out of control, what they're doing about it in the mirror, what models, what was broken, how are they going to fix this going forward, we need accommodation that importantly we need a fed that understands real money. i want to see those explanations. i don't just want to hear that were thinking about inflation and raising rates, people confuse having a plan with actually doing something. i want to see the fed do something. stuart: are you working from home? >> sam. stuart: you been doing that for a couple of years? >> yes we have. >> it's been great we reboot the entire office above the garage apple started above the garage. stuart: good luck, merry christmas, if i don't see you before christmas day we will see you again real soon. >> the opening bell will ring in about 30 seconds. as you can see from the left-hand side of the screen i regret to say this monday morning the market is going
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down. i hire a lot of caution from the analyst that we speak to, summer suggested that the bull market is over. it is certainly in trouble. omicron is spreading rapidly. things are slowing down and when joe manchin said no one the back better that really set the political world into a turmoil that's the backdrop to today's sella. here it com three, two, one the market is open and a 30 down, quite significant as expected as the first couple of seconds of business the dow down 435, 29 of the dow 30 all of them every single one of the dow 30 stocks again in the nasdaq the dow is stopping with the loss of one in one third% 460 puts the s&p 500 on the downside, better than wanted a quarter% down. the nasdaq composite, what an half% down.
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big tech is down across-the-board, it is a significant loss microsoft is back to 320, apple 168. google 2792 amazon 2325. nevada $329, all down 1% or better. show me tesla. we know elon musk sold $14 billion worth of stock, selling three in the last three weeks. i believe he did that to settle a tax bill. what was the tax bill. susan: most of the $11 billion will go to pay taxes this year which elon musk says is the largest individual tax payment in history. here's the build back better implication. he could've waited until next year to pay the tax bill but there were concerns over the build back better that he might pay higher capital gains were billionaire surcharge so we know that's unlikely with joe manchin saying no. there was implications for the
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huge stock cell from elon musk. we had guggenheim is 924, nevada upside in increasingly crowded rivian and lots of other names jumping in volkswagen and gm. stuart: i would imagine with the spreading omicron that travel stocks are down under pressure today. can we go through them. stuart: the netherlands imposing a hard lockdown in the middle january. this is christmas lockdown, the uk nonessential travel, hurting the airlines, cruise lines and hotel operators yet to feel for these companies, isn't this supposed to be the holiday and see normalize travel once again. it is tough for these travel operators. stuart: i feel very bad for those people that wanted to see
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relatives over christmas. now i have to cancel because they can't come back. especially with the elderly at home. >> i'm sorry to hear that. the stay-at-home companies they're doing well back to 200. stuart: zoom says the hybrid worked while she boost growth that's why there was an outperformance. almost 4% in the free market, the peloton, netflix there is more outperformance and gift binds and some of the lockdown trades compared to the rest of the broader market. stuart: the vaccine makers all i presume are a big especially my moderna. >> novavax, my moderna third booster shot and antibody levels, 37 fold in a double dose of the booster, i don't know if were there yet but a double dose is more effective against
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omicron that comes off either of the third shot the resource protection in novavax is another vaccine getting a boost today said to get emergency approval pretty quickly. stuart: i want to go back to at&t, we were talking about this last week $24 a share, it has 7% dividend, $24 a share, who likes it. >> you're getting an outperformance call from berkeley, at&t saying it's worth $34 and that's the upside of 20% not bad in this jittery environment. they say it's time to buy the struggling stock the reason we have a catalyst that's been out with this discovery hasn't been fully priced into the stock and you have helicon for the broadband side. stuart: if it has a 7% dividend yield that is attractive. it's guaranteed this environment quite right, 7% looks pretty
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good to me. i agree with you. seasonally this is supposed to be the strongest quarter of the year for stock markets. that doesn't seem to be my moderna. stuart: five days to christmas in the market down 500 on the dow industrials. have a look at bitcoin, it is down $45000 a coin, is this about omicron. >> absolutely, it's interesting, bitcoin is supposed to be decentralized trade something away from government policy and if the hedge but now it's macro trends which tells me and tells a lot of investors that bitcoin has gone mainstream a lot of the institutions and individuals own bitcoin crypto currency so you get one and after i dollars in value this year end crypto in the study really tells us who is holding bitcoin. the study from mit shows there are 10000 accounts that hold
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5 million bitcoin, $332 billion that's 114 million around the world that means they hold 27% bitcoin, isn't that scary if they decide to sell, they could create an outside reaction encrypted currency and bitcoin. you really have to be trusting the system they want to hold long-term. stuart: that is fascinating and very small percentage. >> extraordinary leverage, i did not know that. >> and compare that to the u.s. economy 1% of the wealth is held and controlled by a third of the wealth. stuart: thank you very much indeed, let's take a look at the dow winners on your screen. 72 merck and walmart, how about the s&p 500 do we have any winners there, i'm sure we do my moderna is on the list and so is pfizer and kroger. more on that later.
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clorox is on the. the nasdaq winner looking at zoom the top of the list check the big board down 500 points, 1.4%, back to 34800 the ten year treasury yield 1.39% as we speak. gold what is happening to that, under $1800 per ounce, bitcoin 456. the price of oil, we got that mixed up, $67 per barrel of oil, not gas, 389, the average gasper regular gasoline not until now at 331. not much movement. down 10 cents for the month, california, still going strong, $4.67 a gallon for regular and golden state. here's what's coming up the last latest excuse for inflation, rising prices are the result of greed. watch this. >> it's not inevitable economic
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force of nature, it is greed. >> the president the secretary of agriculture has both spoken to what we seen as an meek conglomerate. stuart: the greed of big meek conglomerate. steve forbes is going to take that on. he's on the show later. he was running the white house. one interviewer tried to ask the question. >> who is a real president in this country, is it joe manchin or joe biden, madam vice president. >> , on. stuart: we have more on the video coming up, it got really heated. it may or may not be joe manchin who killed the president social spending plan. hillary vaughn has a report from capitol hill. maybe there's other reasons that build back at her is a nonstop. ♪
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♪ ♪. stuart: why are we showing you charleston west virginia. i'll tell you that is the home from senator manchin that said no one go back better. it is sunny, 20 degrees. the progressives wasted no time attacking senator manchin after he said he was a no on build back better. hillary vaughn on capitol hill. are there other reasons the spending plan could be dead? >> there are there is focus on senator joe manchin in the news that he made yesterday on "fox news sunday" essentially saying he's done negotiating and done tried to reach a deal. he is no on president biden's build back better plan. there are other roblox in the pathway even the democrats in the senate and the house are
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pushing to get this pass. what is the senate parliamentarian that throughout once again the immigration proposal that would try to give legal protection for millions of undocumented immigrants in the parliamentarian essentially said it does not meet the standard for pass-through budget reconciliation but there's also other areas of concern. a lot of focus on senator manchin and his concerns of inflation puts a spotlight on senator cinemas concern, corporate tax rates can be back on the table if manchin must have the fully funded for the full ten years, they will have to find the money somewhere in output senator sinema and a tough spot, they had to find enough money to pay for this and corporate taxes raising the rate overall has been off the table. there is also a major division of her state and local taxes, senator bernie sanders has raised issues of what are the most expensive parts of the
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plan. he says as written raising the cap to $80000 is a handout to the rich and overall it changes to try to appease the moderates and the progressives in the senate. it'll have to be kicked back to the house you can see house progressives take back their power, the early morning last week that some of the climate provisions were going to be gutted from the final bill. maybe they're not going to sign off on whatever deal is made with senator manchin and sinema to get them on board maybe they flex their power and back to square one. stuart: it sounds like a mess for me, thank you very much indeed stephen moore joins us now. does it hurt economic growth as goldman sachs as it will? >> merry christmas going to be with you, this is the best thing, what an early christmas is for america.
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kudos to joe manchin for killing a bill that is destructive to the economy. higher tax rates, massive increases in debt, assault on american energy, i spent a half an hour going through of horrific things in this bill the big question now as you were talking about is whether this bill comes back next year. i think it is hard for joe manchin to even support a skinnier version of this bill after the way he ripped into this bill yesterday. the best thing that could happen for the american economy and the higher taxes and debt and spending to go away. one other quick point if i may, if bernie sanders wants to bring this bill to the senate floor as he is talking about, do it, let's have a vote in the senate. we know joe manchin is about how about john kester and montana have awarded in virginia, how
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about the two senators from new hampshire. a number of moderate democrats in the senate or people who call them cells moderate who are very nervous about this bill. it is not just joe manchin i would love to have a headcount inquiring minds want to know where do all the democrats stand on this bill. stuart: put the build back better joe manchin on one side and look at omicron. it is spreading how much does the slow the economy. >> it is so uncertain. the one lesson hopefully that we have learned from the first round of covid in 2020 in early 2021 when we shut down the economy and businesses in schools and parks and churches, it had almost no impact whatsoever on the spread of the virus, lockdowns were a failure. i shudder to think that we could
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see another round of lockdowns. already i was looking on the internet this morning i was happening with schools. you now have some school districts around the country saying they're not going to reopen in january. this is very frightening. the overreaction that we saw in 2020 and 21 we don't want to replay that. i'm afraid there's a real risk of that although i'm going to make a prediction. biden is supposed to make a speech this week. stuart: tomorrow. >> i think he's going to be good on this i think he will say we don't need to do lockdowns again. i think he will say that we need to be smart about this and if he does i will applaud him. yes we have to be smart and people should get the booster get vaccinated but let us not shut down our businesses and our stores and kill our small business effort. stuart: thank you for being with us, merry christmas to you. >> see you next week.
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stuart: "saturday night live" tried to make it work without an audience and without music performances and without most of its cast. we will show you how it turned out. sports league changed the game plans as covid infection climb, what is the nfl doing to prepare for monday night football, grady trimble at the chicago bears with a report on that after this. ♪ as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage.
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stuart: covid is causing major disruptions that the nfl surgeon cases, some games had to be moved to tonight and tomorrow night. grading trouble in chicago, the nfl as i understand it has changed some of its protocols. what is the change to testing. >> no more weekly testing for players who are vaccinated and not showing any symptoms. the argument from the players, there was a lot of them who felt perfectly fine that were isolated. now the plan only players who feel sick will get tested and isolated and also targeted spot
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testing and everybody will have to wear masks indoors. here is a new schedule chicago bears were set to take on the vikings. that game is in jeopardy with 14 bears players testing positive for covid. the raters are taking on the browns today as well and tomorrow the seahawks and l.a. rams and washington eagles will take on each other, all of this because of the surgeon cases in the league, we had to move things around monday and tuesday. the nba also dealing with some issues postponing several games. so is nhl with several teams on pause shut down through the holiday break, cross-border games between u.s. teams and teams in canada have also been postponed to the holiday break. and now the outlook looking good for those who play in the nhl and hoping to compete for the country in the olympics because they had to ship the schedule around. a big mess in professional sports.
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the same thing in college sports with so many college athletes testing positive for the virus. mta dealing with a lot as well. hopefully things get resolved pretty know-how compounding this is when one game gets moved to have to move the other games. it's causing a lot of trouble for all of the sports leagues right now. stuart: is causing a lot of trouble for the premier league in england holding a big meeting as we speak because they had to cancel a whole series of games. for almost all games in the past week have been canceled. >> chelsea plate this weekend, i watched that game. stuart: you are a soccer fan i knew you were. will be back later in the show apartment she that. check the markets a little bit further south for the dow industrials down 620. the nasdaq is down 214. ahead on the show today florida congressman michael waltz, what's the situation with mandates and porta. pete had checked, near congresswoman nicole
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♪. stuart: good morning, everyone. it is 10:00 eastern. we're in the middle of a selloff. i didn't know there was middle of it but we certainly got one this early going on monday morning. nasdaq is down 1890, dow down 560. bitcoin down around $46,000 a coin t moved up a little bit. 10-year treasury yield, 139 a moment ago, now it is 1.38. now this. sunday morning joe manchin drops his no vote bombshell. sunday afternoon the white house drop as bomb on manchin. jen saki had a blistering statement that man inchin had been a inex-flickable reversal in his position. they practically called manchin
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a liar. the squad weighed in with their ususual ven mom. ilhan omar said manchin's statement was bs. democrat civil war and they brought it on themselves. why on earth did the president push through a radical program without a solid majority in congress? because he wants to be fdr. why did he say spending trillions costs zero dollars? that is practically untrue. why, why, why. joe manchin allowed america to dodge a socialist bullet. now what? the democrats will have to regroup but it will be extremely difficult. how do you get socialists to abandon their socialist dreams? you don't because they won't. so the democrats will close out the year a bitter, angry and divided party. ps, if they're too nasty to joe manchin, he could just switch parties. then a republican majority in the senate could kick bernie
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sanders out as chair of the senate budget committee. we live in hope. the second hour of "varney" is just getting started. ♪. pete hegseth with me this morning. i was dying for this. i've been on the air for an hour waiting for pete hegseth to appear. you know i think you should give the democrat as lesson in politics. why on earth did they try to transform society without a majority in congress? why did they, just completely confused on inflation but my real question, pete, sorry taking up so much time here. >> no, it is all good. stuart: with a divided and bitter party at each other's throats how can they come through with anything, any part of build back better next year? >> they can't, they won't. god bless joe manchin and the courage that he showed. they say he doesn't have courage. you know the courage it took for him to stand up to this
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onslaught? because he actually represents people, the people of west virginia. the businesses and industries of west virginia that are under full assault because of leftists in washington. and you talk about the current state of the party, why would they try to do this with a divided congress. this is the party of bernie sanders and comrade cortez. yes joe biden was the nominee but it was because they rigged it against bernie twice. he is the soul of that base. and it may be joe biden in the white house but it is barack obama's advisors. it is hillary clinton people. it is hard left folks that are actually driving the agenda and the priorities. so they went for everything they thought they could possibly get. they went green new deal, renamed as build back better and they didn't count on a roadblock joe manchin. they will keep trying by the way. they will keep shaming him. there is no evidence that worked at all. in fact probably backfired. stuart: i will run a few sound
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bites from the progressives slamming manchin. my point here is that if they're so nasty to him, i mean he could switch parties. it is not entirely out of the question. roll that tape please. >> i mean, we all knew that senator manchin couldn't be trusted. you know the excuses that he just made, i think are complete [bleep] >> he has never negotiated in good faith and he is obstructing the president's agenda. >> if he doesn't have the courage to do the right thing for the working families of west virginia and america, let him vote no in front of the whole world. stuart: you remember jumping jim jeffords back in early part of this century. he was a republican. the republicans were nasty to him. he jumped ship to the democrats and democrats therefore got the senate. am i too far out of bounds here that the same thing could happen with joe manchin. >> i don't think you are. with friends like these, who needs republicans.
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why not just join the republicans to have some real friends, a party that could tolerate that kind of perspective that believes in federalism. what the democrats are captured by national narrative and national activists. joe biden is reminding them that he represents real people. his job is not to vote lockstep with with the dnc. people who voted for trump overwhelmingly also voted for joe biden. he knows how utterlily unpopular it is. i would love to see a change. it is not easy. you have got staff. you have got campaign people. you have got the state party. all the reasons not to do it but everything else over there says do it joe, come on. stuart: lastly, pete, i was watching you on day 3 of turning point usa's a marry amerifest. america's schools are in the
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state of extreme. what say you. >> we were coming all of a a covering all the them. as conservatives, patriots, we abandoned that. there is over 100 year plot by progressives to take over the american classroom and they have done it. we're teaching kids not to live our country and not love our system. until we take it back, talking universal educational tax credits where paints can take the tax dollars to go wherever they want. the monopoly of the government run system is poisoning the minds of our kids. conservatives have been behind the curve on this. i will do the tease, i haven't mentioned it a lot. a five-part series on "fox nation," miseducation of america, 100 year progressive plot to take over the classroom. it is more insidious than i thought when we started the project. it is not just about critical
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race theory in some schools. it is the whole pipeline how kids are being taught. that is how you get here. stuart: put it on this show too. thanks, pete. >> thanks, stuart. stuart: while we're talking about political messes, listen to this, vice president harris got heated during an interview, tell me more, lauren. lauren: she did a comedy central interview with charlemagne the god. her aide stepped in the site president couldn't hear the question. speculating she didn't like the question. here here is the question how harris answered. >> who is the president of this country, joe manchin or joe biden. >> come on charlemagne. no, no, no. it is joe biden and don't start talking like a republican about asking whether or not he is president. >> do you think joe manchin is a problem. >> it is and it is joe biden and i'm vice president and my name is kamala harris. lauren: there is confusion about who is in charge of the democratic party because if any
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part of build back better lives, i think you can make the case that bernie sanders and progressive left are. stuart: okay that wraps up the splitter -- political turmoil of this block. we are in selloff mode. dennis gartman is with us this monday morning. you've been saying for a while we're in the last, last innings of the bull market. do you think it is over? >> i'm afraid it well might be over. there are too many, first of all look at things from an economic perspective first, but i look at things as a technician. technical circumstances in markets move before economics move. you had some changes technically in the markets that i found very disturbing. margin usage had reached all-time highs. two, the effect of nfts around bitcoin seems to me to be evidence of a speculative fervor that to me is reminiscent of the shoe purchases in the late 1920s before the market tumbled very substantively then.
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the fed will tighten monetary policy by march will be the end of the movement of funds from the fed to the treasury. that is going to end. rates will be higher next year. you had what bothers me more than anything else on the downside in the markets volume seems to be coming in rather than coming in on the upside. markets that go down on big volume are not technically strong markets. so i'm afraid we've seen the highs. it is not just here in the united states. we've seen the highs in the dax, seen the highs in the nikkei, we've seen highs in the canadian stock markets. this is something that is going on around the world and i think you ned to pay attention to it. the problem will be in a bear market he or she who loses the least amount of money will be the winner. stuart: i want you to tell our audience, if we finish with the bull market going that way, what does the bear market look like? plateauing with very few gains and falling sharply? >> i don't think it falls
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sharply. i think it deteriorates slowly and meticulously over a 10 or 15% time by next year. i doubt we go sharply like last couple days for over a few days. we'll be down, 10, 15, 20% by the peak before it is done. do i think we have a crash? i don't say that sort of thing anytime anywhere. we'll have a protracksed grinding bear market that will last six months, seven months, maybe half a year. stuart: that reminds me of the 1970s. not a good memory. thanks for being here. >> yes, not a good memory at all. merry christmas. i hate to be a bear remember of bad news but i think things are going awry at this point. stuart: thank you, dennis. let's get back to the market, stay with the market i should say. lauren back with us. stay-at-home stocks on the screen doing well. lauren: like deja vu all over again. these are the names that do well in close lockdown.
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netflix, clorox, kroger, chewy. some of them have nice 2% gains. stuart: not too bad at all. krispy kreme? lauren: they're down pretty sharply but a pretty good report card. they raised their guidance for the year. they were able to pass on price increases in september and november as they tackle inflation. customers were fine with it. saw a strong growth in the quarter. outlook is good. down 7%. how about the oil companies, they're looking in bad shape today. lauren: these are the worst performers on the s&p 500. they're tracking crude's nosedive on this omicron spike. there is concern, dramatic decrease in demand is going to happen. you didn't sigh it over the weekend though. over 2 million people going through tsa checkpoints at the airport, every single day. less than the pre-pandemic but pretty close to it. stuart: i guess it is forward-looking. you're looking at more restrictions, more people in quarantine, less driving, less travel.
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maybe that is what has got to do with it. lauren: morgan stanley is out with a note, they say if the current rate of new cases continues the way it is in in south africa, we'll be done with this five or six weeks. that is short-lived. stuart: wrap up what the central banks are being saying about the omicron. lauren: sustained inflation, not on demand side but more specifically on the supply side. stuart: really. lauren: the problem is, currently the fed in the u.s. tracks inflation as it measures the demand side. that hold up well especially with all the perks that the government gives but inflation is nearing 7% but likely higher because the numbers are backwards looking. many central banks, fed, european central banks, they all tightened to help control inflation. if omicron exacerbates it, this came from kevin hassett, a half or full percentage-point move in between meetings, in between fed meetings next year if inflation gets really bad. stuart: ouch.
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lauren: that would, might be doing the right thing to help inflation, that would really jerk the markets. stuart: and the economy too. definitely. lauren: yeah. stuart: thanks, lauren. senator warren, elizabeth warren is blaming inflation on corporate greed. watch this. >> it's not typically some inevitable economic force of nature, it's greed and in some cases it is flatly illegal. stuart: steve forbes will take that on in our next hour. federal appeals court reinstated president biden's vaccine mandate for larger private businesses but a lot of confusion as to when they will take effect. we've got a report on that for you. dozens of americans who were left behind in afghanistan have been rescued. it was a volunteer group that saved them, not the government. congressman michael waltz will deal with that after this. ♪.
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stuart: we're still in selloff mode. the dow is down 560. nasdaq is down nearly 200 points. the spread of omicron and build back better, manchin saying no to it, those are two negative factors for the dow and the s&p today. there is this, a 26-year-old man has died in new zealand. the big question is, is that death linked to him just having been vaccinated? lauren: new zealand's vaccine safety board said the man died from myocarditis. they're linking that to the first jab of the pfizer vaccine. he did not seek out treatment in the interim. the board however still promotes
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vaccines. says they're safe but yes, there are rare side-effects. this is one of them. stuart: got it, new zealand, 26-year-old man. thank you, lauren. a federal appeals court reinstated president biden's vaccine mandate for large private businesses. a lot of confusion when they take effect. edward lawrence at the white house, edward, straighten it out for us. when is the new start date for vaccines on private business? reporter: osha says they will start the penalties for the vaccine mandate on january 10th. sixth circuit court of appeals ask not over. three christian ministries asked the supreme court to take on the debate. emergency temporary standard that president joe biden asked osha to impose. it requires that all businesses with 100 or more employees have workers vaccinated or unvaccinated will be weekly tested. it is expected to affect 80 million workers. department of labor spokesperson saying osha can once again
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implement the vital work place health standard which will protect the health of workers by mitigating the spread of the unprecedented virus in the work place. january 10th is when the vaccine penalties will go into effect. osha saying for the testing portion of it, the testing penalties will go into effect on february 9th. a little bit of time there the messaging out of the white house has turned grim somewhat for those people who are not vaccinated. for the vaccinated the white house is saying there won't be more lockdowns, won't be no more school closures but listen to this. >> we are intent not letting omicron disrupt work and school for the vaccinated. we've done the right thing and we will get through this. for the unvaccinated, you're looking at a winter of severe illness and death for yourselves, your families, and the hospitals you may soon overwhelm. reporter: so still some cities have reinstituted that mask mandate. regardless what you're hearing from the white house it feels
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like we might be headed for the more stricter rules. we're seeing events being canceled. internationally sporting events without fans in place. the white house pushing those vaccine man states. back to you. stuart: all possible. tomorrow the president speaks. thanks very much indeed, young man. we'll see you again soon. now i think we should all listen to what the governor of florida, ron desantis is saying about lockdowns. roll tape. >> at the end of the day in florida, floridians know we will not let niblock them down. we will not let anyone take their jobs. we will not let anyone ruin their businesses. we will not let anyone close their schools. people will be able to live life. they will be able to make their own decisions. i cannot believe that something that started with 15 days to slow the spread now almost two years later, you're seeing lockdowns and closures. stuart: all right. florida congressman michael waltz with us this morning. congressman, you may get another influx of people heading down to florida if you can give people
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their freedom back but, is there here a direct clash between the president and the governor of florida? >> well you know, stu, really ironic, all of these officials advocating for lockdowns. then we see them vacationing down in florida. you know, living free and living their lives over the winter. so that irony isn't lost on us. i think we've completely lost track of the goal here. the goal was not to go to zero cases. the goal was to figure out how to strike the balance and live and deal with this, with this pandemic and oh, by the way, that came from china and that came from wuhan, which is also getting lost in the conversation as they continue to refuse to help the world and to help us deal with it. but look at the end of the day, stu, we're not going to lockdowns. our economy is booming. we're at pre-tourism numbers now. in cases where hospitals get
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locally overwhelmed we need to stop talking about cases and start talking about hospitalization and death rates. when that happens at a local level, then we'll deal with it. stuart: i noticed that air passenger traffic at tampa airport is up 8.8% compared to pre-covid levels. i mean you're booming, you guys. >> yeah. that's right. and that is about taking, it is not-about taking a balanced approach. from the beginning governor desantics focused on elderly, people with comorbidities and most at risk, surged our resources there. we've been back in school five days a week in person since august of 2020. because we realized all of this secondary effects of these lockdowns, kid falling behind, increased suicide rates among veterans, people losing their livelihood and businesses, they are most worried about with the mandates now, stu, which is our
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national guard which were the heroes in the pandemic. they're sitting around at 60% vaccination rate. we cannot take that kind of hit to let 20, 30% of our national guardsmen and women go and kick them out of the military because they may have concerns about this vaccine. stuart: real fast, congressman, dozens of americans were rescued from afghanistan this week end. >> that's right. stuart: point is a volunteer group saved them, not the government. are you part of that private effort? >> i help them where i can. i help all of these groups. there are still a half dozen or so that have not given up. you never leave an american behind. green cardholders, legal permanent residents and the afghans that stood and fought with us, there are still thousands left there, doing it despite the state department. the state department and the defense department should be doing this, not private americans but they stood up when their nation called and they're getting it done. stuart: that is a good thing.
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congressman michael waltz, thank you very much for being here. i wish you a merry christmas, and happy new year. stuart: see you soon. >> okay. stuart: uk is considering new lockdowns, a photo emerged boris johnson, the prime minister, drinking wine, eating cheese during the country's first lockdown. this is last year. that is adding to his extreme political difficulties. we've got a report for you. if you're looking forward to the day where we don't have to wear masks on planes do not hold your breath. dr. fauci said we might need to wear them forever. we'll be right back.
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♪. stuart: dean martin, he sounds a lot like bing crosby there. lauren: i hear similarities. stuart: isn't that wonderful? that is the all-american christmas tree on fox square, 30 degrees, five days to christmas. i'm afraid new york this morning
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is just about deserted. lauren: i know. stuart: winter is wimping out i'm afraid. market very much on the downside. not quite the low of the session but it es close. the dow is off 650, the nasdaq is down 225. show me amc please. very much in the news today. the stock is up just a fraction. the story please, susan. susan: up 4% earlier on. outperformance from amc. omicron not stopping movie fans from going to see "spider-man: no way home." third biggest box office weekend in history. not just for the pandemic, but entire global industry. $253 million in north america. half a billion dollars globally. i find incredible, third only behind two marvel films released prepandemic. who says people are not willing to go out. oracle, making it official this morning, stu, buying medical records company cerner.
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95 bucks a share, $30 billion. biggest in oracle's history. also an indication to the acquisition appetite oracle has to spend big in order to catch up in cloud. general motors, gm, selling off with the rest of the value plays. gm will continue to extend their production halt of their electric chevrolet bolt through the end of february. gm had to widen its bolt recall to 140,000 in order to replace the battery parts after a series of fires that were reported. also on going global chip shortage, you can imagine hurting production as well. stuart: down 3% at 53. susan, thank you very much indeed. now this, despite rising omicron concerns as you just heard, "spider-man: no way home" saw the third best box office opening of all time, shattering prepandemic box office records. who is here to comment, jeff seek is a. knows a few things about it. seems young people are going to
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the movies these days, older generation, not so much. what do you say? >> that is obvious because we had a perfect example last week, stuart, "west side story" same in, spielberg, the whole thing, nobody showed up. the loneliest place on earth last weekend was in a theater showing "west side story." now this weekend, you have that demographic from 18 to 34-year-olds swarming the movie theaters. i'm talking for people who are having such a hard time to even get tickets. so it shows that, that demographic is not afraid of omicron or any variant. they are willing to go out to the movies. they are superhero fans and they're willing to go out and brave whatever they, whatever the adults, supposed adults view as being the big threat out there which is keeping them welded to their couches
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streaming. so i think going forward, these movies, these media companies, these hollywood media companies have got to really decide whether they're even going to try theatrical release or not because if my generation doesn't show up why bother? stuart: this is though the golden age of streaming. which would, you tend to push the movies towards streaming starts as opposed to putting them into the cinemas. is that what you're likely to see? >> yeah. i mean, what you're probably going to see, you're probably going to see a lot of movies try to simultaneous theatrical release with streaming or going to stream it at some point. i can only imagine, susan was talking about how much this film grossed, 500 million without china. so you're talking about what is this film going to make for
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disney long term. avengers, first two films, only two films that grossed more than this film, they made over a billion dollars in franchise value. so streaming is effective but it, for comic book fanatics like myself, i am a comic book fanatic, i will tell you, and i love marvel, i will tell you that the experience of being in a theater is so much more gratifying gratifying, so even if you have a theater system in your home, so much more gratifying, seeing it with other people, eating popcorn, experiencing the dolby sound and really feeling like you're there. stuart: last one, 30 seconds to answer. you have produced a few movies in your time. in the future, would you ever produce a musical? >> yes. as a matter of fact, as you know, stuart, that is one of the things that you and i share, our
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love of musicals. i would love to produce a musical. i was involved with a musical that became a film. i would say, one thing i will tell you, it is a very, very hard thing to do because as you know, when you're in the theater, on broadway, listening to the musical you feel a part of it. stuart: yes. >> i would love to rise to the challenge to try to make that, like they did, like they did with "hamilton," like disney did with "hamilton." i would love to try to do thati'm not saying i would be successful but i would give it my best shot. stuart: so the musical is not dead to jeff seek is a. jeff, thanks for being with us this morning. i wish you a merry christmas, happy new year too. >> merry christmas, stuart. stuart: "saturday night live," look at that forced to drop the live audience and life musical guests. they did go on the air. how did they do, lauren. lauren: they lost most of their
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cast. actors tested positive. three called out six. tina fey, paul rudd, tom hanks held down the for the. here is tom. >> covid came early this year, in the interest of safety we do not have a audience. we sent home most of our cast, most of our crew. i came here from california. did you think i was going to fly 3,000 miles not be on a tv, you got another thing coming. lauren: that was about it. stuart: saturday not live. lauren: i feel bad for them. they were prepared and ready to go. times which live in. stuart: sewing going on in new york city, outgoing mayor bill de blasio, he is asking the administration to send help to new york city because covid cases are rising. what does he want? lauren: invoke the defense production act. everyone is talking vaccine, vaccine, vaccine. explore ways other than than vaccination to attack the disease, communities with home tests, in addition to opening
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more testing sites. the lines in the city were so long attesting sites. more support for monoclonal antibody treatments. they work for people with compromised immune systems. fast-track approval of the covid pill by pfizer. one more thing on de blasio. obviously new york city does the iconic square ball drop. vaccination only policy. outdoors, he might cancel it. de blasio said he will make a decision this week before christmas whether that ball drop will happen. stuart: if it does happen, he insisting you have to have a vaccine pass to get into the crowd. that is what he is saying. >> vaccination only policy. stuart: decide whether to cancel the whole thing. lauren: it is outside. exactly, if he does cancel it, i think that will disappoint people because, look at all the protocals already in place but then again you have the numbers in new york city because of omicron surging. not sure what he is going to do.
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stuart: neither am i. thanks, lauren. lauren: we'll report it. stuart: the governor of new york state says, she plans to add boosters to the definition of being fully vaccinated. we're on that one. florida has been cashing in on the mass exodus from blue states. red states in the south are taking a page out of florida's playbook. we're talking about tax cuts used to bring in new residents. ♪. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard.
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stuart: florida leads the way as a taupe -- top destination. other states are trying to get in on the action to lure in new residents. madison alworth has the report. madison, i'm particularly interested in arkansas. are they cutting the state income tax to bring people in? reporter: stuart, they could be the next state to cut that state
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income tax. they're currently considering a bill, if approved it would go into effect early next year. they would be the latest state to join that group of states without the income tax. florida obviously one of those states. something that draws people here but not just what florida does, it is what florida doesn't do. right now we're dealing with the spread of omicron but governor ron desantis made it very clear florida will not be shutting down. take a listen. >> at the end of the day in florida floridians know we will not let anyone lock them down. we will not let anyone take their jobs, we will not let anyone ruin their businesses and we will not let anyone close their schools. >> compared to the northeast governors will not commit to no restrictions and said shutdowns are not off the table. that uncertainty moving their lives and moving to florida. tampa international airport saw
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a 9% increase in travelers last month compared to 2019. florida is outpacing pre-pandemic levels. and airport executives tell us that the data shows people are not just traveling for short trips but making tampa their permanent home. >> as you can see looking around the airport people want to get back to some level of normalcy, they want to get out and travel and the local tampa bay area is ahead of the rest of the country in terms of attractiveness so people want to live here, work here, play here. we've got beautiful beaches. it is a great place to live and that's drawing people. reporter: you know it has been drawing people for a long time. this is normally a period of time where people do come down from the northeast to kind of visit. they say they're seeing an increase above that normal level for people moving and young people too, because of the work from home policies that many companies still have, people can retain the job and relocate to places they want to live like florida with the no income tax.
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arkansas may be soon to join the group, stuart. stuart: you know there is a lot of people come down from the north to florida for the winter season. they are called snowbirds. they usually go back. this year, last year, not many of them are going back. that's what is happening. madison, great stuff. thanks for joining us. we'll see you real soon. i want to answer this i want an ends to the question, are we about to wear masks on planes for the rest of our lives? lauren: you already know the answer to the question. stuart: probably? lauren: it sounds like, sounds like we are, whether you're on a plane or in an indoor crowded setting despite strong filtration this is what dr. fauci has to say. >> are we going to get to the point where we won't have to wear masks on airplanes? >> i i don't think so. i think when you're dealing with a closed space, even though the filtration is good, that you want to go that extra step. lauren: the extra step, precautionary measure. i was thinking what would i have said if i were dr. fauci there?
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you can be optimistic and say hopefully if we you know, we could be more flexible as we see waves of the virus go down but it is uncomfortable to wear a mask for many hours. stuart: yes. lauren: on a plane. stuart: it sure us. thanks, lauren. lauren: yeah. stuart: we have some countries are putting in new restrictions. right ahead of the holiday week. lauren: yeah. stuart: so run through the new, country's new restrictions. lauren: netherlands full lockdown from yesterday through at least january 14. germany will restrict private gatherings of the vaccinated to 10 people. that starts three days after christmas. access to restaurants still limited to the vaccinated and recovered only. we have some good news. it is in austria, their lockdown lifted. that started today for the vaccinated. you have the uk. they did not rule out more restrictions and omicron is surging there and uk citizens are restricted from entering countries like germany for instance. stuart: they still got
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restrictions in place on the unvaccinated. it's a strict lockdown, in austria. you can't get out of the house. you get on the street, the police asking for your vaccination papers. lauren: are think getting vaccinated as a result? stuart: i don't know. quite a situation is developing, isn't it. we got the airlines, some are sounding alarm over 5g. they say the wireless technology poses serious risk to plane safety. we have the story. amazon is under fire. claiming that the company kowtowed to china and removed reviews of xi xinping's book. morgan ortagus on chinese censorship after this. ♪.
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powering possibilities.
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stuart: selloff mode continues. the dow is down 651 points. that is 1.8%. the nasdaq is down 1.5% i think it is. that is 238 points. that is a selloff. big tech, all of it in the red very much so. google is down 25 bucks, amazon down 63 bucks, microsoft down
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three, meta down 9, twitter down a fraction. snap down a fraction. there is a selloff in progress pretty much across the board. then there is this, china's tennis star peng sway said her social media posts were misunderstood. morgan or tag gas joins us, do you believe her. >> no. she lives in a society what happens to her for trying to speak out. she effectively disappeared for weeks. the women's tennis association started to speak up on her behalf. the chinese communist party knew she couldn't get away with it. i don't fault her for this. she lives in a society where she could be killed if she continues to speak out. look at dissidents in hong kong. people like jim any -- jimmy lai
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who are jailed because of the communist party. stuart: will this have any impact on the winter olympics in january? >> it should. the reason it won't, american corporations on the whole are spineless and gutless. they will criticize things in the united states as they should. we have the opportunity to do that here in this country but we're seeing large corporations, there are 10 to 15 years like outlets like "the new york times" documenting how you have to bow to the will of the chinese communist party to do business there. amazon, talking about their stock that is a great example. back 10 years ago, 11 years ago, "the new york times" in 2010 documented how amazon was supposed to stop selling books that would be critical of the chinese communist party. of course over the past few days we're even learning more from reuters that amazon had to disable all of the reviews and all the ratings but all of us like and enjoy on amazon we get to say what we think about a
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particular product or book, you can't have that in china because you couldn't possibly criticize the communist dictator xi xinping. why does all of that matter? it matters when american corporations they're not just selling out to do business there they're definitely selling out. what is worse, companies like amazon, they're powerful technology is being used by the chinese communist party for what many of us call the great firewall. you heard of the great wall in of china? there is a great firewall in china so the chinese communist party can suppress information getting to their people. stuart: what can we do about that? i mean, very hard to say, amazon, should simply withdraw from china or apple withdraw from china. tesla withdraw from china. you can't say that without bankrupting the company. what are we to do? >> i think that there is a big difference between selling a widget in china and having your technology used to suppress democracy in hong kong or to suppress freedom in taiwan or
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suppress the ability of the chinese people or even journalists to give basic information. so companies when they're looking at the morals and standards and what their values are, american companies have to determine is it within our value system to buy products or to have manufacturing facilities in shinzhen where there is a current genocide going on? they need to look to diversify in the region there is a lot of business to be done in india, japan, south korea. asia is a very big part of world and china is a big market but if you you have to sell our soul to do business there, american people need to think about what the corporations are doing. most importantly, how this can be used to actually hurt the american people especially when you look at drone and a.i. and other investments that american companies are investing in china right now. stuart: very difficult to take these companies out of the china business, i would say it is
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almost impossible. morgan, you raise very good points, we appreciate you being with us. i wish you a merry christmas, happy new year. >> you too, happy new year. stuart: you got it. still ahead on the show, steve forbes, charlie hurt, new york congresswoman nicole malliotakis. around this, the democrats have been spouting economic nonsense, that is my opinion. they have don't want to hear their wild spending plans are wildly inflationary. their failure to be honest about it, it has sent their poll numbers tumbling and help joe manchin walk away from build back better. that is my opinion. it is "my take" and it is next. ♪
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[crowd boos] god bless joe manchin the fact that they say he doesn't have courage, the courage that it took for him to stand up to this onslaught because he represents people, the people of west virginia. >> kudos to joe manchin for killing the bill that is disruptive to the economy. the best thing that can happen for the market economy is for higher taxes and debt and spending to go away. if bernie sanders wants to bring this bill to the senate floor that he's talking about, do it.
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>> the heavy gains those in the rearview mirror, i prepare for a big doubt of volatility. >> the path forward is always going to be located to the future is not looking at where we pin the return to normal is off the table on days like today. >> i don't see any evidence that closing schools and universities decreases the spread of virus all that back to two years ago when it wasn't effective ♪ ♪. stuart: 11:00 o'clock eastern time monday december the 20th five days from christmas. new york is called and increasingly deserted. the markets are down 650 points on they're down, that is close to the low of the day down 652 and the nasdaq is down to 72. the yield on the ten year treasury is at 1.38%.
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that is a state template on the financial markets. now this. the democrats have been spouting economic nonsense especially on inflation. it may have had impact on joe manchin's decision to say no on build back better. one of his big concerns has always been the inflation the massive government spending would bring. the democrats simply ignored it, they don't see inflation that way. senator elizabeth warren accused retailers have exploited the virus to jack up prices. that is their explanation. the good old standby corporate greed did it. last week jen psaki told the world the sharp rise in pork and beef is greeting me conglomerates. before that president biden blamed spiking gas prices and all companies. we've been here before. a fundamental misunderstanding, it is deliberate. the democrats do not want to
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hear that the wild spending plans are wildly inflationary. they're playing it to be honest as a problem in center poll numbers tumbling and help joe manchin walk away from build back better. inflation is a result of too much money chasing too few goods, supply and demand. the leading democrats to suggest corporate greed is the big problem. that's an irresponsible and dangerous distraction. third hour of "varney" just getting started. ♪ steve forbes joined this is monday morning. democrat blamed corporate greed. what you see is the cause of inflation? >> you hit it right, government is the cause of inflation always has been and always will be. they blamed christian for inflation, medieval labeling which is a president nixon in the 1970s during the inflation blamed greedy speculators,
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blamed the arabs, they blamed other people, the symptoms not the root cause which in this case government bungling and supply chain in creating too much money in ultimately going to be undermining the value of the u.s. dollar. we've seen this before and it's an ugly one in the finger-pointing is not new it goes back thousands of years. stuart: were in the middle of a selloff, i don't know for in the middle of a selloff but we have a selloff this monday morning. some of our commentators are saying this is the end of a bull market, what say you? >> this is going to depend on government for the omicron variant not so much the variant itself does appear to be far less deadly than the previous ones. but the reaction, shutting down like the original lockdown. easy overreaction elsewhere, this is going to disrupt supply chain, the supply chain is barely recovering from what happened when you locked in the global economy a year end half ago they keep doing and making
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mistakes. that is going to cause rising prices that you have the federal reserve already printed a lot of money and it's going to flood the economy they kept it away from the economy the reverse repose and now one and after you dollars in the past year, that's going to break at some point. is government going to behave itself. thankfully joe manchin did the country a favor but sadly not enough joe mantooth in this government, there are none and that's the problem. stuart: what do you think about the speech tomorrow from the president he is going to address omicron, the virus. he could extend some restrictions, he could pound the table for vaccine mandates it even asked mandates, he could do well of that. if he did would that make the situation even worse for the market and the economy? >> it would make it worse is an overreaction he sweeping things that's what the market is worried about are we going to overreact instead of taking a laserlike approach if you're
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certain age with certain vulnerabilities, you stay away you wear the mask and keep a distance, hopefully you've had the vaccine, all three of them. if you're not in that category then you should be allowed to go about doing your business. instead travel plans are being canceled people hunkering down figuring bad things are going to be coming along and the president previously talking about a long dark grim deadly winter that will make the situation worse and people will assume things are going to be bad so you don't do anything, that hurts the economy. >> i suggested earlier that it is possible if the democrats were really nasty to joe manchin he might jump ship and change parties i see a smile on your face, do you think that's a possibility? >> i wish it were true. he would be welcome with open arms. imagine a politician with principles. imagine a politician who spoke the truth to his party leader senator schumer saying here's
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what i accept and can't accept, schumer did not take it seriously. they thought they could beat him. why go to a party that speeded you over the head for being truthful principal go to a party that might welcome you. stuart: goodwin, i'm glad we agree, steve forbes, think you will see you again real soon. >> joe manchin has been speaking out again on his decision to vote no on the spending plan. we have the soundbite, listen to this. >> i figured they would come back strong, the bottom line why would i have said earlier when i was asked about the statement that the president put out. they said what about the statement it's going to delay it because i would run and talk to him, he knew he could not get there but he said he wanted to keep trying i said sure, keep trying whatever you gotta do will do it he made that statement that was his statement that wasn't my statement you know me i'm always willing to work and listen and try. i just got to the wits in and
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they know the real reason what happened. they won't tell you. stuart: and i'm not going to, i'm not quite sure, they know the real reason why i said no, i'm not going to tell you, i'm not sure, that was confusing, very confusing to me. charlie hurt you saw that soundbite and you heard it. what does it mean to you, what did he get out of that. >> that was confusing but what is not confusing that the white house is accusing joe manchin of being a liar, jen psaki said he cannot be trusted it is the same nonsense from the democrats in the house right now about joe manchin. i think if you were dead on i think if democrats keep this up there's a good chance they will drive joe manchin into the republican party. stuart: you remember jumping jim
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jeffords, some of our viewers will not remember him, at the turn-of-the-century he was a republican he jumped ship and went to the democrats and by doing that he gave democrats control the senate. if manchin did the same thing he could jump ship and make the republicans control the senate. i think i'm not sure the constitutional parliamentary reality but here is a nice prospect for republicans. >> it absolutely is. i think something that has to weigh on joe manchin's mind right now. the timing of something like this. making a change i after the 2022 election is not going to be of any value to his voters back on. the time that it will be valuable is now you can make a change and stop the nonsense. the most appalling thing i've heard from democrats and specifically the white house and jen psaki who demonstrated herself not to be trustworthy whatsoever is the whole notion that joe manchin works for them
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or that joe manchin works for the democrat party, no he doesn't, he works for the citizens of west virginia. his responsibility is to carry out their wishes. this nonsense that he's betrayed them because he has it going along, he's chosen to go along with 50 plus other senators and thinking this stuff is nuts. it's really appalling if you wanted to get the most for his voters back home, it's deserted the party now is now the time to do it. >> what do you think will hear from the president tomorrow on his speech on covid at 12 noon? >> i think it is going to be more of the same not nonsense. this is extraordinary to listen to the white house about the omicron virus in the variant and blaming the unvaccinated and accusing them and murdering
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people, this is a new level of division that we've never seen in this country it is pretty scary i think all of the ads up going back to joe manchin, does he want to be in bed with these people or does he want to stand up for his people back home. stuart: 24 hours to figure it out and then will hear from them tomorrow. thank you so much, merry christmas. stuart: looking at movers, significant movers in the market, i'm interested, travel stocks i see them on the screen there doing well. >> carnival is leaving the s&p 500, also american airline there shaking off the omicron fears if you're looking at the airports, strong numbers over the weekend people flying american was down about 6% last week. maybe the thinking is were not changing how we behave, we will continue to travel places and will get to the latest. stuart: maybe the travel companies are shrugging off
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omicron. but the rest of the market i don't think they are there down 665 on the dow, ford motor company. >> mansions no vote on build back better means ev tax increase is in limbo and that reduces the cost of an electric vehicle between eight and $12000 depending on the workforce unionized. then you have ford were taking a look at a quarter% to key lunches for next year, the explorer, ev and the navigator they have been delayed till late 2024. supply chain and no build back better in ev tax credit hitting on 40 particular. stuart: generally speaking retail stocks. >> retail and apparel stocks in specific, you can see gap is lower, crocs down 5%. nike reported this afternoon fears worldwide of restrictions in fear with omicron that keeps people away from the store. >> in the supply chain
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exacerbated. >> elon musk has revealed how much he pays in taxes, more than some countries gdp. we'll have a report. then evelyn shut down one week before christmas, shops, bars, restaurants will not reopen until the middle of january. the definition of fully vaccinated could be changing the new york. the governor wants to require booster shots for indoor dining and entertainment. is this a start for jobs for everyone in newark. we'll deal with that next. ♪
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mom, hurry! our show's gonna start soon! i promised i wouldn't miss the show and mommy always keeps her promises. oh, no!
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seriously? hmm! it's not the same if she's not here. oh. -what the. oh my goodness! i don't suppose you can sing, can you? ♪ the snow's comin' down ♪ -mommy? ♪ i'm watching it fall ♪ watch the full story at www.xfinity.com/sing2
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♪ ♪. stuart: the producers know what they're doing, don't stand, don't stand so close to me, sixth avenue new york city, that is deserted. >> the week of christmas, you bet you. >> that is midtown manhattan not doing very well. senator joe manchin is a no vote on build back better. we got that. nicole malliotakis, congresswoman from new york joined me now. you voted for, what are the 13 republicans voting for the infrastructure plan, are you completely against all elements of build back better? >> absolutely the build back better is a complete disaster, we call the build back broke that is a bill that has irs agents, the amnesty, all the mandates in the provision that the majority of americans are against, we knew all along if we
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had taken out the infrastructure, the real heart infrastructure into a separate bill it would put the spotlight on the build back better and it wouldn't end up failing, it worked out perfectly with joe manchin decided not to support the build back better. it's a great day for the american people. that bill was on a train to socialism if you look at the new programs of the welfare without work requirements and a lot of the other provisions in their. stuart: they will try to bring parts of the back, parts of it could come back is anything that you like? >> there's not much to like. >> is riddled with a lot of unnecessary spending. at the end of the day with inflation that were facing there's no reason to take on new tuttleman programs the intersection was something that was needed we've been waiting for real infrastructure investments that will have a
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positive impact on her gdp these are hard asset very different entitlement programs that we can afford joe manchin is right even with the child credit that's entitled to people who were in the country they want to give it people in the country illegally and people who are not working which defeats the purpose of a child care credit. we're on the right track to successfully put it back against the build back better and move forward to fight another day in 2022. stuart: let's talk covid, kathy hochul says she plans to add booster shots to the definition of being fully vaccinated. you think this is the start of jobs forever in newark? >> we are already seeing the healthcare facilities are shortstaffed and the governor decided to fire individuals who are not fully vaccinated. i think instead of more mandates
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you need to push and encourage people to get vaccinated, absolutely. we need to take a strong focus on therapeutics, monoclonal antibody treatment that is something that is working ineffective we need to make sure every state has access to that and push the fda to approve the treatments and therapeutics that are currently being reviewed. i think the ship pass the focus from vaccine mandates to new therapeutics and treatments that will save lives if they are in the market today. stuart: you might get that from the president tomorrow when he makes his big speech. >> love taupe so i been pushing for the last three weeks we had a hearing the other day, one of those who provided testimony agreed that it is time to move more on treatments and therapeutics instead of just vaccine mandates. stuart: we have good treatments
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and therapeutics available at this point. thank you for being with us may i wish you happy christmas, merry christmas and happy new year. >> merry christmas. stuart: check the markets, can't be too far away. we love doing politics but look at the market go down, down 650 on the dow down nearly 300 on the nasdaq and down 82 on the s&p. that is a selloff. look at netflix rallying along with the other stay-at-home stocks free netflix getting back to $600 a share how about tesla or guggenheim investment company says tesla will grow slower than expected. sure enough it's down below 900-point to share. by the way elon musk just reviewed how much you pay taxes issue, give me the number. >> out that the liberal said he did not pay taxes, he will pay more than $11 billion in taxes
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or as elizabeth warren called it freeloading off of everyone else. musk is the world's richest person. stuart: he is going to take a stock option, if he takes it this year he pays considered income capital gains, he does pay income taxes senator warren says he doesn't pay income taxes but he does on the stock option, that is why he has to liquidate and pay 11 billion tax bill. >> i believe he liquidated $18 billion in that pocket change. stuart: that makes him the american who has paid more in taxes in a single year than any other american history. >> take that warren. the tsa screened more than 2 million people in each of the last four days holiday travels back despite rising covid cases. british officials say they
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cannot guarantee there will not be another lockdown before christmas. we have a report on that. that is next. ♪♪
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(vo) singing, or speaking. reason, or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything.
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♪ ♪. stuart: merry christmas everyone. the all-american christmas tree outside of her studio. it's a vestry in new york city, check the markets, the plunge continues were down 650 on the dow, 290 on the nasdaq and 83 on the s&p. what movies do you have. susan: i want to show you the lockdown trade was happening with zoom, netflix it helps you login remotely to your work system our performance across the board is a rally with more company sending workers home to omicron and travel restrictions in you revisited the stay-at-home winners over the last 18 months. conversely use the opposite
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trade, 170 in india apple has filed to get the antitrust case throwing out in that country it's too small of a player compared to google play store two thirds be empowered by google and android. stuart: stay-at-home, good tech bad. don't over simple by. susan: correct. stuart: see you soon. europe starting to lockdown as omicron cases surge. what's happening in britain right now. >> there's a different sense of the holy spirit that we were feeling and landed a week ago were seen more people wear masks like déjà vu for people who had to spend the holidays alone and there's new fears of that happening once again. prime minister boris johnson is
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needing to navigate concerns that there could be more restrictions and the new lockdown heading in the next couple of days. the british medical association warns a breaking point and more safeguard a 50000 medical workers will be out sick with covid-19 christmas day nonessential uk visitors from crossing its borders has also canceled new year's eve fireworks celebrations and asking the public not together. over and ireland restaurants and bars must close at 8:00 p.m. the restaurant industry calling this a devastating blow, they do not in there, indoor gathering may not include people for more than four households and weddings cannot exceed 100 people. israel today to being visitors from ten countries and that includes u.s. and canada and
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goes in effect on wednesday, doctor anthony fauci warned the omicron will take over this winter and it rages through the world. as a result heightened concerns leading into this week the world economic forum has canceled the annual summit in switzerland it is set for early this summer. back to you. stuart: there's a political split in britain, the conservative government is really split everyday restrictions. is it a serious play? >> it is serious and that's not just on party lines that we see or hear in the u.s. a lot of those taking on the streets, people are very frustrated in the government knowing that they could come again days before the holidays and the news that came out just weeks ago that the uk
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government boris johnson and his cabinet members and staff members they held a party last year around this time when everyone else was told not to see their loved ones and not to see their family and they did spend the holidays alone, people are worried to have to do that again in the frustrated make some of these claims and restrictions if the rules apply to everyone. stuart: same over here, a great report. the netherlands just ended a new covid lockdown nonessential stores, gyms and other places will be closed all the way through january the 14th, schools will be closed until generally the ninth, households are only permitted to have two guests at a time except on christmas and new year's eve windfall guests will be allowed. germany tightening covid restrictions, say they will restricted ten people started to
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suffer 28th. a health official also the clubs and discos are likely to close. what i'm saying you can still get the virus even though you been fully vaccinated and i think the whole status of vaccine is getting downgraded pre-people don't trust them like they did people don't trust them to prevent them from getting the disease and we need to remember what were seen by and large, if you get a break their case and you have been vaccinated your symptoms are slim to none you still get some things but you're generally fine especially when you got the booster i'm not advocating pro or con vaccine are just talking about the science grade the new variant omicron the symptoms are not as severe as a cost-benefit analysis do i skip my last christmas with grandma, life is tenuous or do i say let's go for
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it at the risk of getting a cold in january. stuart: omicron if you get it mild symptoms, if you do get it nobody can come anywhere near you, you have to quarantine if you're near somebody else, they've got to quarantine so everything slows down. >> i would not be surprised if people are trying to avoid the problem after the holidays when they try to go back to work and try to go back to school if there vaccinated in they get it. i'm of the mindset christmas is are important. people pass on any don't want to look back and say i missed two christmases in a row with my mom or dad because i was too scared. stuart: especially at my age. there is a company showcasing a microchip that can sort vaccine status information inside of your body. >> forget carrying around the card. you vaccine passport can be a
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microchip, the technology recent years by a swedish company, say that three times fast, a life-size microchip in your arm or between your finger and your thumb it uses fields to identify electronically stored information. a company uses similar technology to buy food and drinks in the break room or you can use a credit card. the technology is very popular in europe, their ego. stuart: a chip under my skin, unlikely. nearly 50 people test positive for covid on board a cruise ship all but one were fully vaccinated. that's what we were just talking about. three nfl games postponed for covid outbreaks the league is making a big change to the testing protocols, grady trimble has a report from chicago next.
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♪ ♪. stuart: the producers are good we hope we will be home for christmas. what you're looking at atlanta airport 44 degrees and nice take up right there more than 2.1 million people boarded planes that is double the number of travelers on the same day last year let's check the airlines. we had american airlines rally just a little about half a percentage point here is his story the airlines are worried
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about the threat from 5g, what is that. >> i heard rumors about this over the course of the last couple of months this is here the 5g with interference of cockpit safety systems that help them land and poor weather and prevent crashes in the wireless industry says it poses no risk the faa worries frequency could potentially this is a battle between the cell companies in the airlines and the regulators all three trying to figure this out over the course of the next couple of months that you need to watch. stuart: tell me about the story of the cruise ship that has 48 people on board with covid. >> listen to this poor dozen people aboard a royal caribbean testing positive for covid when they returned to miami all but
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one was fully vaccinated they all had no symptoms to mild symptoms. the symphony had more than 6000 passengers were real caribbean said all crew members are vaccinated in the cruise line requires guest over 12 to be fully vaccinated. to think that when kids under 12 was the one who was on vaccinated but we don't know if he's the one the broader non-like we talked about throughout the course of today regardless of vaccination. stuart: you could be vaccinated and get it and pass it on. if you pass it on the person comes in contact they have to go to quarantine and everything slows down. >> the key they all had mild to know symptoms. >> if you get near them you have to currently. the nfl postponed three games this weekend because of covid now the league is looking to overhaul the testing protocols. grady trimble in chicago spell
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out the new testing protocol of the nfl. >> a lot of players were complaining that they felt perfectly fine but they had to isolate because they tested positive. let's show you the new protocol. instead of testing asymptomatic players every single week that goes away the be doing targeted spot testing, they're adding a mask mandate for players and staff indoors. you mentioned the games getting move instead of one monday night football game at soldier field there are two games into games tomorrow they had to get postponed from over the weekend. nfl is not the only league dealing with these issues through the mva had to postpone several games, the nhl and the holiday break between's based in the u.s. and canada have also been put on pause for now hoping
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to represent their country in the olympics coming up because of all of the changes to the schedule. last time we talked we talked about the english premier league. i looked up the result of the meeting between the league managers in the league itself. the outcome they will keep going with the current schedule. talk about temporarily halting the season. they will not do that they will play the christmas fixtures that they had in place. stuart: that's a very important series of games for the premier league. the big teams play maybe twice between christmas and new year's. enormous amount of revenue coming out them and if they would've canceled that that would've been a very serious thing. your continuing with that, thank you for giving me an update on english premier league soccer. you're all right. we've been telling you about the new fox book all-american christmas.
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coming up you have a chance to win a copy. stay around it will tell you how. show me the dell 30, a lot of red there is only one winner and that's procter & gamble on the dow 30. the other 29 are down in the dow was up 661 points. we'll be right back. ♪ i have something for you. [husband whistles] ♪♪ hi. [wife laughs] i have something for you too. [wife whistles] ♪♪ ♪♪ step up to gmc with 0% financing on these gmc models.
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stuart: it is a selloff and here's why. omicron is spreading fast. new restrictions and cancellations that will and are hurting the economy through the president addresses the nation on covid tomorrow and we do not know what he
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do anything yet people certainly are more respectful and people wearing masks when they go into stores a majority of them more than they have been out of respect but nobody is holding them back saying you can't win unless you wear the mask people been respectful but why is this happening the weather is different we could be outside more christmas will be fine i miss the snow and everything for christmas but from a holiday perspective i'll be with my parents and my kids and other friends of mine that are coming over because it is christmas. stuart: if i were to walk down the street in boca what i know that there is a surge in the variance positives what i know? >> you would not know it unless somebody said it. the only thing that you would notice a little bit different
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more people wearing masks but there's not the sense of my hair is on fire i have to run not that at all. you don't get that done in florida, i'm sensing that you're getting a new york. >> we are both in the new york area in new york. i perceive a complete difference between what were expressing here and what he's talking about florida. >> i did some radio hits and stations in alabama and throughout the south a complete the different world. every single news report is noother story other than cov, covid numbers, testing, vaccines, boosters, that's it. that's not the same thing in florida and alabama and other parts of this country. >> is a governor of florida, governor desantis, you don't
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mandate anything on me, no masks on me. >> i think is popular in florida for sure i don't know the northern part of the country but our perspective down here he's done a great job. he is allowing people to live and take responsibility for their actions. does he want people to get vaccinated, sure i would like people to get vaccinated you're ultimately going to make your own decision you know the chances if you get covid you know what they are if you're not vaccinated did you get covid you know what they are everybody is responsible but is actually okay i'm glad i'm here versus being up in new york. thank you for that that is fine and dandy. have a lovely day despite the selloff. merry christmas to you and a happy new year. we have something a little different this is the monday trivia question. have any gifts are in the 12
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days of christmas, multiple-choice there is a numbers. e-mail your answer to varney viewers@fox.com for your chance to win a signed copy of all-american christmas that is a new book by sean duffy and rachel campos-duffy. will go to the correct answer that we receive. you must include your name and address, good luck. ♪
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and a commitment to get you the best price on every trade, which saved investors over $1.5 billion last year. that's decision tech. only from fidelity. stuart: this is fascinating. how many, stop giggling, todd. how many gifts are in the 12 days of christmas? you want to guess? >> i guessed, i guessed right. it is three. stuart: 364. the answer is three 64. we have a winner, ann mcglothlin of from florida, received a signed copy of this book, "all-american christmas." i have to tell folks, when you send in the email, ann got the first one in, you have to send in your address as well so we can get this to you. so, i'm intrigued at that how did you get it right. what is the math line 364? >> you have to add up each verse
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in the song. you can't ad up, one, two, three, do that for the 10 round, nine round, so forth you get 364. stuart: congratulations todd. you did very well. i know you come from florida. we have a lot of viewers in florida. a lot of viewers. time's up for me. we had a great show. todd, thank you for your help. >> merry christmas. david asman in for you. david: wish all the broadcasters were broadcasting from florida. that would be another subject for another two. welcome to cavuto "coast to coast." i'm david asman in for neil cavuto. happening this hour the omicron spread fueling more mon dates. which in turn is fueling the labor shortage

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