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tv   Varney Company  FOX Business  March 24, 2021 9:00am-12:00pm EDT

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♪♪ maria: a big thank you to angela and bob. great to see you both today. have a great wednesday. "varney & co." begins right now. take it away, stu. stuart: good morning. intel takes on that chip shortage pouring $20 million into chip making plant in, a dramatic move to bring cutting edge chip production to the us. investors love it and intel is up there in half percent, but investors are not keen on gamestop. in their conference call they didn't address the reddit rally and they suggested they may sell more stock, which would dilute the holding of
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existing shareholders. gamestop is down 12%. overall, you are looking at a modest bounce back. dow jones will be up about a hundred, s&p small gain and nasdaq about 70 points. solid gains of the nasdaq because the yield on the 10 year treasury is down, may be fractionally over the last couple of minutes, but up 1.6% as of now, lower rates often mean helping tech stock prices took big tech is on the outs .-dot-- outside this morning. a traffic jam, 1300-foot container ship stuck sideways blocking shipping. the suez canal carries 12% of global trade. that the bottleneck. miami heat will have special crowd sections is set aside for people who have been vaccinated looks like the start of a vaccine passport
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system. soon that you may need proof of the shot to get on a flight, cruise, school or go back to the office. vice president harris sits down for what i call a softball interview with cbs, no immediate plan to go to the border and you will hear more from that moment. you obviously heard about the explosion in value of nft. we will show you the explosion in value in the sports memorabilia like tom brady's signed rookie card. wednesday, march 24, "varney & co." is about to begin. ♪♪ stuart: and here we go this wednesday morning. vice president harris
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this morning admitting the border is a huge problem. rolling tape. >> it's a huge problem. i'm not going to pretend it's not. should these kids be in the custody of hhs instead of a border patrol? yes. should we be prosit-- processing these case faster? i will go down to the border and i've been down to the border. >> there are 500 children a day and we don't have enough already, what are we going to do in the meantime to stop it? >> we do what we need to do to reconstruct the system. we have been in office less than 100 days, we are addressing it in dealing it, but it will take time. are we frustrated, are you frustrated? yes, we are. stuart: what about stopping the flow? it's a huge problem, but not a crisis. we will take you live to the border throughout
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the show today and you can see for yourself. more on the harris interview later. right now treasury secretary janet yellin says the biden administration is considering tax structure changes to funded infrastructure built. susan, wrap it up. susan: the entire biden package will cost at least $3 trillion, 4 trillion if you look at tax credits and cuts. janet yellin was blunt in that hearing yesterday saying taxes will likely change to help pay for that massive spending plan. >> we expect to-- [inaudible] along with programs that will address some of the long-standing problems that have held down productivity and labor in the united states. will address infrastructure, risk from climate change, education.
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susan: what type of tax changes? tax rates likely going up to make 39.6. corporate taxes to 28%, the state tax up to my 45% and capital gains may be taxed as income and tax policy center says the tax plan would raise over $2 trillion in new revenue over a decade and maybe higher economic growth. we have the us debt already sitting at $22 trillion, one and a half time the us economy stuart: and headed to my 30 trillion soon, if you ask me. shah gilani joins us this wednesday morning. you have been able for years, but now i understand the last couple of weeks you are cautious come a bit worried. are you blaming president biden's spending and janet
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yellin's tax plan for the markets? >> that's 50% of it. i don't think they are focusing enough on it. they are almost now starting to pay attention to it because i think the focus has been on rising interest rates, but what is worrisome is the tax and spend policy-- policy regime. we have heard how may times before high tax and high spending is good for the economy. this has never been the case and i think this is what the administration is putting forward. i'm worried about capital gains tax, as far as the markets concerned what they do to market investors especially retail investors will be impacted. if they change some tax policies on trading and investing, those are things i think the market needs clarity on and they are not getting it. stuart: a lot of the people we speak to are saying you have a rip roaring economy, you have a real serious bull market for wall street, but come the middle of the year when we realize the
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impact of all of the wall of money that will hit, that's when the crunch comes for the stock market. are you when that camp, crunch by midyear? >> no. unconcerned and i have to worry about rising interest rates and again , i pull that out because of the fact of the matter is, i don't think we will see dramatic rises over the first or second quarter. we are not going to see the natural acceleration of interest rates which is positive because it proves their solid economic growth and a byproduct is gently rising interest rates. if we get tax and spend policies that disrupt the market we could see a double whammy on the market. then tax and spend policies that cause profit-taking and that could be a problem in an accident waiting to happen. stuart: midyear, accident happens midyear do you think? >> possible.
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it's one of the things i'm concerned about. i think we will float for a while because the economy is going great, stimulus checks are out and about and they will probably make their way into the market so right now, we are fine, but midyear unconcerned basically on the tax and spend policies. stuart: got it. shah gilani, see you later. thank you. let's get to bitcoin. put it on the screen. $56000 a coin. there is news about elon musk, he says you can now buy a tesla with a bitcoin. how soon will that happen? susan: probably why bitcoin prices are up three and a half percent. in the us apparently right now you can buy a tesla with bitcoin. i don't know when elon musk sleeps but he is tweeting you can buy a tesla with bitcoin adding it will be kept in bitcoin and not
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converted to us dollars. paid by bitcoin capability available outside the us later this year. i checked the tesla support page and they only accept bitcoin, no other crypto like dogecoin or ethereum. ranges from $37000 to $124,000, and i'm wondering who pays the transaction cost because they are high and capital gains tax when you pay with bitcoin, anyway and elon musk and tesla are big bitcoin believers. that has netted tesla a billion dollar paper profit to wedbush and that's more money than tesla has made by profiting off its car sales last year, but it comes with risk according to web bush. i saw the stock almost up to percent on the back of that news, but i think we have pared back those gains. stuart: he loves to make
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headlines. he makes a headline every single day, we chase it down, but stock is still under $700 a share. susan: he still made 700% in the past year depending on when you bought in. stuart: we have the fed chairman jay powell and he says the fed is taking a hard look at the possibility of a digital dollar. that's for you, susan. susan: digital dollar will need congressional support to come to fruition. it won't happen for at least two years and he is in no hurry despite china already testing out their digital coin, so is powell afraid china might be ahead? listen. >> a system that relies entirely on for example private governance or completely secret information of who actually owns the digital dollar would not
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be viable and the lack of privacy in the chinese system is not something we could do here and it's going to be a careful detailed and probably lengthy process of consideration. susan: remember he has said a us digital coin is not motivated by the rise of bitcoin, so not to compete with bitcoin and he doesn't been buying bitcoin will supplant the us dollar or other country currencies, but spear-- purely speculative and more a substitute for gold then save a dollar. stuart: thank you. on the housing market, important area of concern in the financial world. mortgage applications way up, up 26% year on year. that despite the rate on the 30 year fixed rate mortgage moving back about 3%. mortgage applications way up plus refinance way down. dropping 13% from one year ago to the slowest
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pace since september. that's what happens when rates rise. overall, we're coming up to a commercial break. i will show you futures. i like the green with dow jones up maybe 100 points at the opening bell. president of mexico said president biden is to blame for the surge at the border and there's a new plan as to how migrant children-- to house migrant children on military bases. news angela merkel has reversed her eastern lock down. she said she went too far, however, elsewhere in europe lockdowns are still back in place. should we be worried about lockdowns returning to the united states? i will ask economist john lonski after this. ♪♪
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stuart: stocks will open higher this wednesday morning, pretty much across the board in big tech in particular will be going up, not a huge rally but there is plenty of brain for apple, amazon, facebook, cough of that and microsoft because the yield on the 10 year treasury is down. indiana will join six other states in lifting the mask mandate. when does that happen? susan: april 6. indiana saying masks no longer mandated, but advise. alabama, utah lifting their mask mandate in april and joining texas, wyoming, north dakota, mississippi, montana and iowa with a total of eight states that have lifted mask mandates by that first two weeks of
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april. in indiana face coverings will remain mandatory in state buildings as well as k-12 schools. indiana also announcing vaccines are available now to anyone from the age of 16 starting in a weeks time. stuart: i think it makes a big difference to the atmosphere in a state when the mask mandate is removed. it just feels-- susan: house so? stuart: feels like you are opening up. seems a bit like a return to normal i suspect that's the way it will feel in those states. we will see. as you said, we have another state that will make vaccines available to all adults. which state and when does that happen? susan: georgette joining and starting tomorrow. anyone over the age of 16 can get vaccinated. we asked the governor urging georgians to make an appointment and said
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if the state receives more than 450,000 vaccines. they expect more doses next week with texas also announcing all adults can get shots starting monday. feels like more people are getting vaccinated and we know death rates are coming down dramatically. stuart: seems different, it does indeed. i went to talk about this with the chancellor of it-- germany, angela merkel shut down her-- the plan was to shut down over easter weekend with only supermarkets open a one-day, saturday. she says now she went too far. she has dropped to the restrictions. she called it a mistake. that's a germany. the rest of europe is still in lockdowns. they're still a locked down some degree. john lonski is with us.
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what happens if some lockdowns returned to the united states and they could. we have had a pause in lifting restrictions new jersey and new york city through what happens if they come back to us here? >> simple, the economy slows down, financial markets suffer. we had a hit. we had some deep selloffs for the share prices closely linked to commercial airline industry, hotel industry, cruise lines and the like. the hope is enough people get vaccinated and people take the proper precaution that we will continue to make progress. speed when we this morning about taxes. they are going to go up. when does the market relies taxes will go up and take action against it? >> well, when the market begins to adjust to that
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possibility of higher corporate income taxes and perhaps other tax hike, personal income tax hikes, the market will sell all, it will soften up as it digest the implication of higher taxes. let's not forget when trump cut corporate income tax, cut taxes in general during his presidency, the market took off so i think it stands to reason that when you are looking at higher taxes, markets move lower and businesses become more cautious with hiring and capital spending. stuart: but, we don't yet know which taxes will go up or by how much. >> if we listen to people from the administration, taxes are likely to go higher and a dad tells me that we are probably not going to see the same double-digit% gains-- percentage gains for the
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overall equity market we have had in the recent past. we might do well and get away with a 7% increase by the s&p 500 for 2021. stuart: i would take a 7% increase for the s&p 500 willingly. last word? >> so would i given the performance of the last several years. they are talking about 6%, 7% growth may be in 2021. the last time we had 7% growth in the united states was in 1984, reagan was president and there was a stretch where the us equity market was off by more than 10% from a year ago despite the rapid growth and of that was largely because of sharply higher interest rates and the fear we were about to have a return of 1970s a style inflation. i don't think that will happen again, so perhaps
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we will avoid any significant decline. stuart: wouldn't that be nice. john lonski, thank you for being here. we are opening the market in seven minutes time we will see some green with the dow jones looks like a gain of about 100 points. back after this. ♪♪ some say this is my greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;) so you're a small business, or a big one. you were thriving, but then... oh. ah.
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stuart: two minutes till the markets opening with the modest rally. michael ld is our market guest this morning. question, mike lee, should the market be worried about biden's massive the spending plan and janet yellen's enthusiasm for tax hikes >> absolutely. in my view that's the number one threat to economic growth, the number one threat to the market going forward. for janet yellen on wednesday to say she expects employment to
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return to pre-pandemic levels next year and the next day talk about massive tax increases, it shows how hyper person and how oblivious they are to reality. it seems this administration is dead set on doing everything the opposite way that led to historic unemployment and historic wage growth for those at the bottom end of the earning spectrum and that's because the previous administration was focused on bringing hot value, high multiplier manufacturing jobs back to the us this green new deal will kill manufacturing in the us as we know it and to my net with tax increases that you have 100,000 companies using between 25 million and a billion dollars in sales letter private companies. this tax increase will crush that, it will crush employment, capital investment and i don't see how anyone in their right mind could think it's a remotely good i guess the here's what i'm hearing from a
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lot of analysts. the market is doing fine, the economy is doing fine, but the crunch comes before midyear. that's when we realize what impact it will have from tax increases and massive spending. crunch by midyear. what say you? >> i think you'll see some brakes on these tax increases. tax increases do not help the economy. all they do is increase government power and control and they are only put on the table to gain congressional budget office scoring to spend more money on liberal nonsense. i would say that republicans will do a good job appealing off some votes so hopefully they don't get past, but we will see where this comes because if you offer joe mansion tens of billions of dollars to cut projects in their home state, i mean, how much does it take to buy off a senator rex i don't think it's that much. if it happens we will
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never see employment at the level it was in pre-pandemic in the administration from the biden administration or until someone steps back into office to mimic the policies of the previous administration. stuart: i'm still looking for the midyear crunch. mike lee, thank you. right now, we are beginning trading this wednesday morning. we are on the upside right from the get-go. dow jones of about 100 points. that's about a quarter of 1%. i can see a lot of green amongst the dow jones 30 s&p 500, it's up one third of 1%. that's a fairly solid game. the nasdaq, we have that up a half a percentage point. yield on the 10 year treasury is it down, tech stocks moving up across the board. how about gamestop? i think they are way down after they issued their financial report yesterday afternoon.
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did they offer guidance? susan: know and that's the problem. gamestop says it's considering selling shares to raise cash and bringing in a new executive, a new ceo zero with tech experience. jeddah owens is joining gamestop and it's probably the most anticipated earnings of the season at least for the reddit wallstreetbets crowd. i have never heard a call reaching maximum capacity so no one else could join, but that's what happened yesterday. online sales almost tripling last quarter showing the transition from bricks and mortar to online is ramping up. i was also upset with roaring kitty twitter feed during the earnings yesterday with interesting tweets. he lost rental million dollars from gamestop that he doubled down on at the end of february,
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also moving 2 million overnight. he's a still worth 15-- half million on the 100,000 shares. whether bush downgrading the stock to underperforming calling it a cell saying it's worth that-- worth less than $30. its trading about 150 or so. stuart: you are obsessed with roaring kitty. susan: i am. the internet is. stuart: $20 billion will be spent by intel building to chip plants in arizona. stock is up five and have% that's a significant commitment to american manufacturing. susan: talking about $20 billion and that is a big win for the state of arizona as well. also us manufacturing is not dead so intel ceo said the old intel is the new intel and getting its swagger back as they doubled down on manufacturing.
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most people in the industry that intel would shift to become a chip design company outsourcing their manufacturing to taiwan, which is cheaper. intel aiming to open up factories starting production in 2024, which is a good thing for america. stuart: yes, in arizona as opposed to austin, texas, like the rest of big tech. changing the subject, have to look at gun stocks. all are up. president biden considering taking executive action for gun control with a ban on assault weapons" what he calls loopholes in the background checking system. this after those two terrible mass shootings in less than a week. looking at tesla, we are at 662.
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is there some kind of issue, susan, about the tesla cars having cameras inside them with privacy issues? susan: remember china banned military from buying tesla cars. consumer reports echoing the same problem saying the usage potentially undermines the safety benefits of driver monitoring which is to alert drivers when they are paying attention to the road. we know ford and gm have these cameras. it's pretty dry, stuart. you are coughing and i cannot give my voice going. ford and gm don't transmit the data and elon musk said they could be shut down. stuart: take a wile to recover, susan. there you go. susan: it is a dry here. stuart: we are putting nvidia on the screen. they are up not much,
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523. is there something going on with nvidia and nintendo? susan: nvidia was up close to 2% of premarket and rallied yesterday when the news or at least initially broke so nintendo switch will use mostly nvidia past graphic chips and that's where it really made its brand in gaming. nintendo's console targeting the year and shopping season, but the switch will also increase crisis as they added these next nvidia chips, so it could go into the three hundreds. stuart: we shall see. thank you. dow jones winners, dow jones of nearly 180 points. intel is a dow jones a stock and that's the biggest winner of nearly 4%, that's a big game. among the 500 shares listed on the s&p 500,
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here's the winners, applied materials at the top, kala carnival etc. with some big winners in the 500. mastic winners, applied materials up 7%. read them on your screen, folks. big winners this morning. changing the subject, miami heat will set aside two sections exclusively for fans who show proof of vaccination. this the beginning of the great vaccination divide. i will go at that in "my take" at the top of the 11:00 o'clock hour. disney world testing a new facial recognition technology at the magic kingdom. they already check your fingerprint when you go. do they need more than that? apparently they do. we will have details for you after this. ♪♪
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stuart: checking the market. dow jones up. looking at disney, they are testing a new feature for entry at least at the magic kingdom, fatal-- facial recognition. with this facial recognition have to do with keeping me safe from the pandemic? susan: they are saying it's less contact during covid, which is a good thing. wait till i'm done and then you can. the test is optional for gas through april 23, at disney's magic kingdom in orlando, florida. it will capture image of the cast face and converted into a unique number which is then used in the form of admission into the park
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took a disney says the images in the unique number will be discarded within the 30 days. that depends on whether or not you believe them and they say it will not be shared with third parties and if you are under 18 you need parental approval. if we could stack-- check out disney stock and amc. disney said that the black widow film will be delayed two months and offered streaming. like you we have generational differences , but i have serious concerns about my privacy when it comes to facial recognition. stuart: i think disney likes to track you. get the information, track you and follow you susan: online, in the parks, everywhere. stuart: everywhere. they want to know who you are, what you like, we don't like, how much you spend, everything. susan: data is a big business.
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stuart: absolutely it is. big mover in the stock market, actually mining and data. one more thing on disneyland, the area around disneyland, southern california, saw a surge in short-term rentals on airbnb. the rental surge began the day after march 17, that's when the reopening of disneyland was announced. bookings jumped 73% for short-term rentals after the disneyland reopening was announced. jeff hoffman joins us this morning. he's our travel guide. jeff, will we need a vaccine passport before we can travel internationally? >> we are going to need a vaccine passport for travel all over the world domestic and international eventually everyone is testing one now, international travel for the obvious
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reason. america needs its doors open again and people traveling and right now there is a requirement for testing even if you have a vaccination. as you know there's a working group pushing the biden administration to say let's change regulation so if you are vaccinated you are exempt from testing so we can reopen international travel, but how do we know you are in fact vaccinated. the european union is working on its own digital green certificate. united is one i think to common paths. america and delta i think is using clear health path to test entry in and out of new york. we need a standard and the biden administration has said it's not the government's job to create standards, but there will be confucian. i show up at the airport , and i have the help certificate in the cfa support-- person
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says i don't know if this is real, so we will need a digital passport, but it won't work until we have the standard so that at to the airport at the point of implementation they know what's a legitimate health path and what is not. it's a big problem. stuart: so it will be a long time before i can go to australia and new zealand to see my sons and grandsons. one more. would you make of the cdc guidelines for those who have been vaccinated? should they be allowed to travel without quarantine restrictions? >> yes, and the travel industry, that's what they are approaching the biden administration about. they are saying the cdc needs to change that. right now regulation says if you are not back-- that even if you are vaccinated you should not travel. just to give you quick with the sake, if we got
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travel just for the second half of 2021, in the us that act to 40% of 2019 levels, that would bring back 225,000 new jobs were americans, so there is a lot at stake for the cdc to say if you are vaccinated it's okay to travel. that industry is depending on them changing that regulation stuart: it's a very big deal, but the sooner we get back to traveling, the more normal it will feel. i have a feeling it will take time to standardize things and get everyone on board and he still might have the possibility of a large number of people excluded because they will not vaccinated. that's going to be a big problem. last word to use. >> not only that, but the digital divide. not everyone will have the smartphone and technology they need to even use a digital health passport, so it's going to take time
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before we can really get that. stuart: jeff hoffman, thank you. we will see you again soon. checking the big board because the dow jones is up close to my friend appoints. 32700. 10 year treasury yield coming in at 1.64%. price of gold per ounce is 1732. bitcoin holding in the mid- $50000 range, 56700 to be precise. oil had dropped to my 59 and it's staying at $59 a barrel and the price of gasoline is beginning to fall, not much, just down one sent overnight with the national average $2.87. coming up, looks like work from home is here to stay, but if tens of millions estate homeworking, the consequences will be profound. i will cover it all at
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the top of the 11:00 o'clock hour in "my take". exclusive video to our newsroom national guard's mange sleeping on job at the border in roma, texas, known as a smugglers paradise. we will take you there. full story next. ♪♪ (judith) at fisher investments, we do things differently and other money managers don't understand why. (money manager) because our way works great for us! (judith) but not for your clients. that's why we're a fiduciary, obligated to put clients first. (money manager) so, what do you provide? cookie cutter portfolios? (judith) nope, we tailor portfolios to our client's needs. (money manager) but you do sell investments that earn you high commissions, right? (judith) we don't have those. (money manager) so what's in it for you? (judith) our fees are structured so we do better when our clients do better. at fisher investments we're clearly different.
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stuart: just a few moments ago we should you national guardsmen sleeping. they were very close to the border, actually in texas. henry vaughan is there. what is this all about, hillary. reporter: stuart, this really is a picture of how stretched the border patrol, the national guardsmen, all of the resources that are working to try to process these migrants coming over in waves. theirs is simply not enough people. when we arrived early this morning it was still dark my photographer saw a group of six migrants is standing by a border patrol truck parked by
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itself, one truck here by the river and waited about 10 minutes after 10 minutes my photographer finally went to the truck to alert the national guardsmen that were inside that there were migrants here. take a look. >> guys-- hey, there's actually some people that cross the border over here that are wanting to turn themselves in, i think. they are like right back there. reporter: stuart, my photographer woke them up. the migrant family that was here has been processed and it taken somewhere else, but it really doesn't showcase the issue on the ground. i was here late last
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night from 11:00 p.m. until 2:00 a.m. taking iphone video and i saw about 150 people total arrived by the boatload in waves after waves. of mexico is right behind me. just take a ride on a boat across the rio grande river here really a few yards away and then they ride in the border doesn't have the resources to apprehend all these people individually. they are just corralling them to a parking lot and processing them as a family you need or one by one, but there's another aspect of this that we are looking at, stuart. we are in roma, texas, it's called smugglers paradise and part of the issue is all these migrants arriving on these boats have these wristbands, actual wristbands at the migrants arrive with. they rip them off when they get on sure. they are buying these from the cartel and this grants them access essentially admission to
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the united states and they pay the cartel which means the cartel is cashing in on this a surge. human smuggling alone and 12-- 2017, brought into $.3 million for the cartel and that's is clearly a number that's growing by the day as more and more migrants come across the board-- excuse me, 2.3 billion and estimates of how much the migrants have to pay depend on how far they travel. they can pay anywhere from $3000 to $11000, but the cartel operates this like a business, so they get a discount if they are a group, traveling with children, if they agree to carry illicit drugs, all of this benefits the cartel and we did talk to locals here last night that are very concerned because they said really the video that i took last night speaks for itself. the border is not
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secure. the border is not closed because people have been coming in in waves throughout the night. they have been coming this morning as well and how can it be secure if people are getting in and the border patrol is not apprehending them immediately. stuart: terribly sorry, hard break coming. you are reporting has been exemplary. wristbands authorized by the cartel to let un. still ahead on this program, liz peek, senator marsha blackburn, gregg jarrett , jason shay fits , the second hour of "varney & co." is next. ♪♪ ♪♪
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♪. [very ride, take it easy ♪ stuart: fog hat. where have i been. i like it. 10:00 eastern time, here we go. get straight to your money. that is a very nice hot for the dow jones average. susan, what is going on? susan: aren't you encouraged pretty much across the board we're seeing gains. dow is led haier by intel. also by resurgence in travel stocks. we have germany as you mentioned. angela merkel saying the
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lockdowns may have gone too far, not extending them past easter. one in five vaccinated here in the u.s. yields are contained, 165, below 1.70. that is encouraging for tech stocks. that we throw in yesterday. declines led by energy, oil prices, by 5%. a bit of a rotation a comeback today. that is good across the board, stu. stuart: quickly, let's have look at big techs this morning. they may be under pressure. yes, they are, apple, amazon, facebook, microsoft, now turned south. why is that? because maybe the yield on the 10-year treasury has stopped falling it is going up, not much. 1.63%. that is where we are. nice pop on the dow. got that. now everyone, now this. almost all of us have worked from home at some point during the pandemic. a lot of people never went back to the office at all. they prefer the home office.
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the spare room or the kitchen table. microsoft found that seven out of 10 workers like being on remote. half the ceo's surveyed by a big accounting firm said their workers prefer to work from home, at least three days a week. it is here to stay. pandemic or not. now there are roughly, what, 130 million people at work in america. if 10% work from home then maybe 5 million people will not be going to the office. i don't know whether more or less than 10%. i do know no commute, living in a low-tax state, dress as you please, keep your own hours, all very attractive. yeah, it is here to stay. if tens of millions do stay homeworking, the consequences are profound, especially for big cities. that is where the office towers are concentrated. that is where so many workers are staying home. office rents going down. restaurants and bars closing.
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tax revenues down. use of public transportation declining. the cities shrink and financially sink. of course we may get tired of zoom. we may long for what used to be called watercooler conversation or the creativity of face-to-face give-and-take. employers may demand workers make use of all the expensive office space they're paying for. large-scale work from home is here to stay. it is more, one more change that came to us in the year of staying home. second hour of "varney & company" about to begin. ♪. stuart: work from home, big time, here to stay, what do you say, liz peek? >> i'm working from home, stuart. it works for me. look, new york city, the city
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you and i know best is really challenged. only 10% of office workers are in their offices working in manhattan. by september the thinking is, it will be up to about 50%. but mayor bill de blasio just called back 80,000 municipal workers. told them to start showing up as of may 3rd. i think that is his bid to kind of set, set the way for other workers to come in and show it is safe, et cetera. i think it is going to be very dicey because as you point out, we not only like working from home, it turns out people can do it. because of technology it is made pretty productive. one thing going in new york city's favor, investment banks, big banks, are a big part of the office workforce. they found training young people is almost impossible over zoom. that really requires young people being in the office with senior managers, you know
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looking over their shoulder, being part of meetings, et cetera. i think banks, so forth will be pushing very hard to get people back by labor day at the latest. we won't know until september i think what the up shot of all of this is. tell you what, stuart, what we could know, if they push through big, big tax hikes. they're talking about. they don't improve the quality of life in new york. you can expand that to other cities too. then you're really talking about a serious problem down the road. people simply will not come back. stuart: got it. hold on a second, liz. you have an op-ed. biden's border crisis. here is who the disaster hurts the most and who might benefit. i'm a little short of time. tell us who benefits from this boarder crisis, liz? >> democrats presumably. but i think what is really most important, who is hurt by this, it is the people at the low end
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of the income ladder, stuart. people working for minimum wage, not just in southern states across the whole country will feel impact of hundreds of thousands of people coming into the country illegally and basically competing for that low level, minimum wage work. i think this is terrible for the people who have been particularly hurt by the pandemic. black americans, hispanic-americans, are very challenged by all of these newcomers and the only people who might benefit are people employing low-level workers. and also democrats who think all these people coming across the border will eventually be given a path to citizenship becoming democrat voters. i wouldn't count on it. stuart: okay. liz peek, thank you very much indeed. by the way, everyone, we will get back to the border where our own hillary vaughn just showed you a handful of wrist brands issued by the cartels, so they can walk across the border.
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that was really dynamite stuff. we'll get back to that shortly. that is a border disaster with the cartels in charge. extraordinary stuff. back to markets. nice pop for the dow. small loss for the nasdaq. david bahnsen is with us right now. what do you think will be the impact. looks like we will get a jump in the corporate tax rate, 21, to 28%. that looks like it will happen. what is the impact on the market if indeed that does happen, david. >> stuart, i want to answer your question. will you make me a promise, and i come back on and take other side of this work at home issue from some time. i never ever disagree. i disagree so much on this one i really want to talk about it next week okay. stuart: wait. let's suspend the discussion of the market. why do you think i'm wrong about back to work? go ahead. you got two minutes. >> you know, i think people operate as if somehow we just
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sort of accidentally fell into this idea, people going to an office, separating their work life and home life if this wasn't something that came about over decades and decades of natural organic human behavior. there is a reason that we come to an office, to get certain work functions done, i think you're right on a lot what you were saying working from home proved in the pandemic to be functional. it proved to be possible. but that is very different from saying it is optimal. and there just simply isn't any question, those of us in finance know you can't do deal-making by zoom the same way you can being together. it's a relationship business. it is a collaboration business. traders, talking to analysts. the entire dynamic requires people being together. i understand people like working in their pajamas, only having to work half a day and their boss doesn't know what they're doing.
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i'm sorry, grown ups have to go back to the office. cities need it. infrastructure needs it. it is an entire lifestyle that worked very well for a booming american economy for decades. stuart: okay. i hear you. i don't have time to respond fully but, i do have time for one more thing from you, david bahnsen, and that is, you always bring us big and growing dividend stocks. you bring us stocks where the dividend is growing consistently and the one you brought us today is walgreens. make your case. you've got 30 seconds left, david bahnsen. walgreens. >> basically you have a dividend yield of over 3 1/2%. they have been growing for 80 consecutive years. you have a brick-and-mortar model that also has an e-commerce vessel meant but more and more utility. joint ventures with doordash. a way that people are getting the vaccine. it's a very diversified,
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versatile business. there were some tough m&a they had to absorb a couple years ago. they're on the other side of it. it is the lowest forward multiple it has ever been. we like walgreens quite a bit here. stuart: you're right on walgreens but wrong about back to work. we'll say that for another day, david bahnsen. we'll save it. it will be fun. mr. bahnsen, thank you, sir. see you again soon. all right, when the market, when the dow is up 275 points you have to have some big movers. i see gamestop is a big mover. what is the rest of them, susan? what is going on. susan: start with gamestop the most anticipated earnings report of the season. giving back some 800% plus rally this year. disappointing sales, profits, no guidance for this year. still you have a new technology exec coming in as coo the transition from online, to online pro bricks and mortars is taking hold. analysts still very bearish this morning. wedbush cutting it to sell, you
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know perform, less than $30 in their view. we're trading currently 150. sales and profit came in better for the rv maker. flip side, general mills down on disappointing numbers. they say the covid trend for comfort foods and cereal will continue this year. fedex is being called one of the best ideas of 2021 by barclays. online shopping has been a boom for federal express. airlines, cruise lines, recovering today with germany's angela merkel backing off on extending the lockdowns and more states offering adults vaccines. stuart: know, do we have any news on robin hood? susan: yes. stuart: i'm sure you do. tell me, go? susan: the ipo is here, confidentially filing for an ipo with the sec. that means a listing could come sometime in the second quarter. plans could change. we'll see the listing on the tech-heavy nasdaq. previously reported an ipo filing could come as soon as
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this month. still we have robinhood last valued at is it $12 billion. they had to raise cash during the reddit saga. that is more than the entire eight years of business for robinhood. uncorn frenzy means pretty high valuations, you get 30% pops on day one debuts. robinhood has a great story to sell to investors. 30 million accounts opened in the month of january alone. 10 million in the 2020. these young investors are armed with stimulus checks. what do they go? they go on robinhood to trade. stuart: i think it is a wonderful thing. a whole new generation of people introduced to investing in the stock market. nothing about that at all. susan: see what type of valuation, because that was the emergency cash of 12 billion but some say it could go way up in valuation to past the
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50 billion-dollar mark with all the new accounts opening. so we'll see. stuart: there is robinhood for you. thanks, susan. president biden looking to take action on guns. watch this. >> we can ban assault weapons and high capacity magazines in this country once again. stuart: okay. what can they actually do? what can the president actually do by executive order? gregg jarrett will answer that question. sports memorabilia booming along with those nfts. we'll show you the latest batch of rookie cards that could go for millions. first, my next guest says drug cartels and human taskers are exploiting the holes in the border wall discuss like this one. see you there. senator marsha blackburn took that photo. she is here on the border threat after this. ♪.
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stuart: can you say bifurcated market? that is what it looks like. dow up 250 points but the nasdaq down almost 100. look at general motors, please. it is cutting north american production even more, idling more mans here in america. why? because of that global chip shortage. gm's stock is actually up 1%, 56. pictures recently emerged from inside of that massive migrant tent facility along the rio grande in texas. the images show children in cramped spaces sleeping under foil blankets. steve harrigan is in donna, texas. steve, what is the plan down this to deal with this flood of
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children coming across the border? reporter: stuart, we're standing out in front of the tent facility got negative attention for overcrowding. look at the giant truck behind me. they have been in and out all morning. they're pretty much building a city for the unaccompanied minors. the fox news flight team is flying a drone to give you pictures of the seen. lights up, generators, are working around the clock, they are trying to make more room for unaccompanied migrants. they are not kicked out, 17 and under. they are on pace for 17,000 of them to arrive this month alone. building new facilities in texas. the military is getting ready to prepare places on two military bases to house some youths. the pentagon says they're ready to help. >> this is something we have done before in 12 and in 1. this is not, it is not out of the norm for us to support these
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kinds of requests. reporter: we talked to the food supplier for this facility a local entrepreneur. he said he was told to get 200 meals ready by the end of the week. that number up to 2,000. 24 hours later 3800. the numbers of unaccompanied minors continues to shoot up day after day. stuart, back to you. stuart: thanks very much. that is taking care of youngsters. it is not stopping the flow. thanks very much, steve harrigan. senator marsha blackburn joins us, republican from the great state of tennessee. senator, earlier this morning we showed video of wristbands issued by the cartels so that migrants could just walk across the border. that was their entry point to the united states. that was their permission from the cartels to get in. now you were at the border. did you see something similar to this, a border out of control? >> yes. it is a border out of control. i was in arizona with sheriff
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mark lamb in pinnell and sheriff daniels in cochise county. here is what is happening, stuart, the cartels are running the border south of the u.s. border. they're running the mexican border. the sinaloa cartel which is "el chapo"'s cartel basically runs the border there in arizona. what you have is the cartels, when you sign on with a cartel to come into the country illegally, they will give you cartel-issued clothing backpack, carpet shoes, a wristband. this wristband is color-coded. it says you have either paid your transit, or, when you get into the united states, you have to work out your transit fee and this means there are people, it is so heartbreaking to me. i'm a mom. i'm a grandmom. to see these kids and know that there are sex trafficking, human
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trafficking, labor work crews, that they may end up. this is absolutely devastating. it's a humanitarian crisis. it is a drug crisis. it is an environmental crisis. as well as a law enforcement crisis at our border. stuart: did you see any holes in the border wall? i believe you took a picture of one? >> yes, i did. i was over in cochise county. we went down on the border wall. you know, here is the thing that is so tragic. president biden, day one issues that executive order to stop construction. so everything just came to a full stop immediately. but there are holes in the border wall. there are roads and, that have been cut through the mountains to get equipment and items up to building this border wall. so now, we have a situation where president trump put in these roads and what do you
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have? you have joe biden and his administration who are turning it over to the cartels. this situation at the border, this is of joe biden and his administration's making. this is biden's open border policy. this is biden's immigration policy. he said we got the doors open. we expect you all to come. so people are coming and the cartels are using these holes in the wall, these roads that have been cut into the mountains, to move people and drugs. stuart, it is just astounding to me, right now, the cartels are making more money trafficking human beings in this program that they have where children get rented out to individuals. i've got legislation i'm going to announce today. it is amazing. we have to put a stop to this. and it is imperative that the
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administration put the trump protocols back in place. remain in mexico, migrant protection protocols, the asylum protocols. stop catch-and-release. go back to building that wall. stuart: don't hold your breath, senator. vice president harris, got a softball interview on cbs this morning where she said, yeah it's a big problem. she wouldn't call it a crisis. she has no plans to go down there anytime soon. i'm afraid we're out of time senator blackburn. we really appreciate you coming. >> good to be with you. stuart: who cares for the kids? who cares for these kids? good heavens. senator, we appreciate it. how about that? that is a strange sight, isn't it? that is a gigantic cargo ship. it is stuck in the suez canal. that is blocking traffic in one of the most important shipping lanes in the world. we'll tell you all about that blockage in just a moment. president biden considering executive action on guns. what can he really do by
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stuart: well, let's look at the dow. solid rally there, up 257 points. 32,600 is the level. i want to take a look at the chip-makers. i want to bring susan into this. because i see them rallying. applied materials, kla, et cetera, et cetera. why are they rallying? why are they rallying when intel announces plans to build two giant chip plants in arizona? susan: that is because the amats of the world, klm, lam research, these are all cup suppliers and they supply the parts. in amat's case, they help test the chips. that is because intel, by the way, intel has come back down a lot from its early rally. it was down early in the session which i found surprising. intel is down. they $2 billion into the chip factory in arizona. a lot of people in the industry thought intel would become a purely chip design company and
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outsourcing their chip production to taiwan, tsmcs of the world. the fact they're keeping production in house, in america is a great thing for these chip suppliers. that is helping rally the philly semiconductor index today, up 1 1/2%. stuart: i just love to know why intel, which when you and i were talking about 45 minutes, it was up about 2 1/2, 3 1/2%. now it is on the downside. i wonder what happened? maybe expectations of investors were not met. susan: okay. so, if you hook at all the tech stocks right now, they're all down because again, we're looking at a -- in 10-year yield. this might be part of that industry and that sector decline we're seeing. in terms of arizona, i want to quickly ask you, stu, how much do you think that intel is getting in the way of tax incentives that built the two fab plant in arizona for 20 billion? stuart: you want me to speculate how much tax help they got.
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susan: i will speculate. stuart: i say a lot, yes. which state wouldn't move heaven and earth to get intel to build two super futuristic chip plants in their state? they would do anything you could to get them on board. susan: you heard the white house and the government and the administration says we don't want to outsource everything to asia because we want to keep chips here. i think the global chip shortage is a great example of that. in case we need more supply and get served first this is probably part of that story. stuart: it is. intel is down four cents. got that. now then, change of subject, in the wake of the shootings in atlanta and boulder, congress is again debating gun reform. however, president biden, looking to sake executive action of his own. roll tape. >> i don't need to wait another minute, let alone an hour to take common sense steps to save the lives in the future. we can ban assault weapons and high capacity magazines in this
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country once again. stuart: okay. there is a slight comeback on that from vice president harris. she is not on the same page. watch this. >> there is a piece about executive action but if we pass legislation that is permanent, if we, if the congress acts then it becomes law and that is what we have lacked. that is what has been missing. stuart: okay. the vice president wants legislation. the president wants to act immediately with the executive action. gregg jarrett with us this morning. the obvious question, what can president biden actually do with executive action on guns? >> well it is ironic that harris and biden got into an argument during the primaries in a presidential debate. she said, you know, the presidents can take executive action aggressively and biden seemed to say, well, not really. now biden is suggesting executive action. and he does have certain powers
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because other presidents have done so successfully. president obama, for example, directed the social security administration to provide records to the federal background check system of people with adjudicated cases that were mentally ill. president trump, for example, was able to restrict bumper stocks. so presidents do have certain powers to direct federal agencies to more aggressively enforce existing law but harris is also right. wholesale changes, gun control that is really meaningful and aggressive must be conducted by congress under article 1. congress has the power to pass laws. stuart: so he can take executive action but the real long-term change really has to go through congress. that is what you're saying here,
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right? >> yes, absolutely. because look, executive action only lasts as long as the president is in office. then it can be reversed by his successor. we have seen that over and over again. to put meat behind a meaningful, significant law, for example, involving the restriction or banning assault weapons or you know, high capacity magazines, certain kinds of really lethal ammunition, that would require an act of congress and you know, it is interesting because polling data showed most americans do support stronger gun control measures, and yet congress didn't seem to have the will to do it. stuart: i can understand that. gregg jarrett, thank you, sir. see you again real soon. i want to get back to extraordinary sight of a massive cargo ship stuck in the suez canal. let me say good morning to
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ashley, joining us now. can you explain, how that 1300 feet long, carries 20,000 containers, how did it get stuck? ashley: that is a very good question. one they're asking the ship's captain. look, as you can see, it is wedged inside ways. by the way, it is certainly blocking the canal. this is nearly a quarter of a mile long. that is how big this ship is. it is not clear how it ran aground but reports are blaming strong winds that knocked the vessel off course. that is the theory right now. there also, good news, no reports of any pollution in the canal or or injuries but it could be days before this major, major important piece of real estate is reopened. that is causing as you can imagine a growing backup. average of 51 ships pass through this 120-mile stretch of wafter every day. it accounts for about 10% of global trade. the stuck container ship is
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registered in panama, operated by a taiwanese company, was head towed the rotterdam in the netherlands. that is a lot of countries but as you can imagine it is a mess. they opened up a old shipping canal to try to get some ships by. they got to get the ship, it is wedged into the bank. they have to try to dig it out. the tugs are trying to pull it free. but it could be days before that happens. stuart: that is a serious shipping traffic jam, that is what is happening. more for you, ash, the european union will cut vaccine exports. they have a supply shortage. they don't want to supply any. that means no more vaccines for the british? >> it certainly could hurt supply. they're going to hold back these exports. goes to the full european union panel tomorrow. the commission recommended it. it is responding, the eu, to a shortage of doses itself while it is battling a rising third wave of the virus. now, the emergency legislation
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would make it harder for pharmaceutical companies producing vaccines in the eu to export them. we know that eu has been at odds with astrazeneca after it cut supplies because of production problems. the eu still very upset about that. but the new rules also could affect pfizer and moderna. the uk, as you pointed out, stu, stands to be hit the hardest. but there are other countries such as canada, that could see vaccine deliveries cut. as for the u.s., largely unaffected as it receives fewer than a million doses from eu-based facilities this is revenge against the brits and this argument over astrazeneca. stuart: yeah. a little nastiness right there. i could see that. ashley: yes. stuart: thanks, ash. yes. one of the teachers unions taking issue with the cdc's latest guideline on distancing in the classroom. what is this? they don't trust the science? we've got the story.
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cash, credit or crypto? tesla now accepting bitcoin payments for its cars. susan is going to tell us how all that might work after this. ♪ it's not "pretty good or nothing." it's not "acceptable or nothing." and it's definitely not "close enough or nothing."
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♪. stuart: well, look at that dow jones industrial average, up 309 points. almost 1% higher. not a bad performance i would say. all right, crime, more crime, more bodyguards. yes there is a connection. there is a new app, it is called bond, b-o-n-d. they want to be the uber of bodyguards. lydia hu has the story. come on in, lydia. obvious question from someone like me, how much does something like this cost?
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reporter: hey there, stuart. the price starts around $30 for 30 minutes. bond is deliberately keeping the price point low because they want their services accessible to the everyday person. it is no longer just for the c-suite executive or the celebrity. they say over the past year with the rise in crime sadly and over the past couple of weeks with growing acts of violence, they're seeing a growing increase in the services they have all available over an app. today we're joined by a bodyguard here who works in new york city. this is ira. ira, we are in the "diamond district" here in new york city in manhattan. conceivable if someone was doing a lot of shopping maybe they want a bodyguard with them. what are some of the people using your services over the app? >> absolutely. we've seen increase in people like realtors showing residences. people out shopping. business people conducting financial transactions. we've seen groups of people out for the night make sure they get
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home safe. reporter: i'm sure you provide a lot of peace of mind to people, bringing them, bringing added security. are you ready to physically intervene if you know, services are needed, if you were needed to take it that level? absolutely. myself and many of my colleagues who provide services we're primarily law enforcement. myself 20 years experience providing personal protection for heads of state that is the typical background you get the agents working with this service. yes, we are prepared. a primary function is to protect our clients and to also preserve their privacy. reporter: ira. thank you very much for the insight. bond also tells us they are poised to move into the international of the market as there is expected to be international growth in the sector in the coming years. over the past decade, private security guard industry has gone from a 20 billion-dollar industry to 30 billion-dollar industry. by 2027, it is expected that private bodyguard will reach a
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350 billion-dollar global industry. stuart, what does that signal possibly for people out there? i think jobs. people are looking to get back to work after the pandemic. maybe this could be a new opportunity for some folks. stuart, back to you. stuart: not a bad idea. lydia hu, thank you very much indeed. let's get back to the markets. a pop for the dow up 300 points. not bad. susan, what are the big movers? cruise lines? susan: you are predictable when you asked lydia how much it cost. obvious question for stu. travel stocks back powering the dow, today, 1/5 now of the u.s. population is vaccinated. more states opening up vaccines to all adults. maybe we'll get back to traveling. boeing is up, along with the airlines with hopes of resurgent summer travel season. get back to intel. this rotation back is really interesting to me. we're flat now. we were up 4 or 5% in the premarket. intel giving back all of the its
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gains after saying it would do better than it had anticipated. they're investing $20 billion into the two arizona chip factories. let's check in on amc entertainment as well. amc pretty volatile today, losing almost a quarter of its value the past three days. it is down 23% or so. despite the fact that marvel's "black widow "blockbuster is delayed for two months. it will stream simultaneously on big screen and disney plus. higher on bitcoin prices. stuart: susan, thank you very much indeed. dow is up 317 points. so tesla, down about 1%, six bucks lower. susan, i can now buy one with a bitcoin if i want to. susan: will you, isn't that the question? will stu varney by a tesla with bitcoin? stuart: no. susan: starting today, you can do that. elon musk tweeting this morning, i have don't know when he sleeps, but he says you can now
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buy a test with bitcoin. he also adds that bitcoin will not be converted into any other fiat currencies. it will stay as bitcoin. as for people outside of the u.s., you can pay by bitcoin available later on this year. so i check the tesla support page this morning. they are only accepting bitcoin. no other crypto currencies like dogecoin or ethereum. tesla cars ramming from 37 to $140,000 after taxes. you can do the calculations in your head. who pays the capital-gains taxes on bitcoin? stuart: did we have a story about the very big cost of every transaction that you do using bitcoin. i mean, five or six bucks to buy just very small item? susan: that's right. it go up percentage terms as well.
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those are high transaction costs. does tesla or elon musk pick up the tab or do i have to pay that using tesla? stuart: i don't know. susan: what about capital gains, if i use bitcoins to buy a tesla, if my appreciation on the bitcoins goes up to pay the tax, do i have to pay that as well? stuart: it should be reported to whom i don't know. it should be reported. it is a capital gains and you pay capital-gains tax. susan: my tesla doesn't cost 37,000. it costs me more than that. stuart: yeah, right. just realizing this, susan? susan: no. i don't think that is enticing. i think they need to take the other side for it to make sense to me as a consumer. stuart: good luck with that one. all right. how about this one, susan. not for you, but later. sports memorabilia is booming. look card right there. it could go over a million dollars at suction.
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the guy behind the auction is ken golden. he is here with that card too. that is brady i think. we started with computers. we didn't stop at computers. we didn't stop at storage or cloud. we kept going. working with our customers to enable the kind of technology that can guide an astronaut back to safety.
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stuart: we told but the boom in nfts, digital artwork. let me tell you there is a boom in sports memorabilia. bring in ken golden, with golden auctions. frequent guest on the show. before we get to items we've got for us today. am i right saying there is indeed a explosion in the value of sports memorabilia? >> it, the sports memorabilia, especially the trading card market has been going absolutely crazy. seems every single week a new record is set. it's a worldwide phenomenon. it is not just in the united states. as you will see shortly by one of the selections we have. to give an example, stuart. our sales quadrupled in 2020 versus 2019. we already surpassed our entire fiscal year of 2020 through march 24th of 2021 and we're on a pace to do over
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400 million. stuart: that is extraordinary. well-done, ken golden, well don. >> thank you. stuart: we may have have something to do with your success but i think it is really yours. hole on a second. i have to get to these. that looks to me like tom brady's rookie card. i brief it has been signed. how much? >> this is the playoff contender championship ticket. holy grail of football cards. the current bid is 850,000 at golden auctions. it opened yesterday. we expect it to go for 1.5 million or more. stuart: good lord. next, case, is cristiano renaldo, his rookie card, he is a soccer player, ken, good heavens. i didn't know theyed rookie cards. what are you expecting for that? >> soccer is a booming market. international. the we expect this card to exceed 250,000. stuart: okay. that is significantly more than tom brady. i got that. next one, jackie robinson's
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rookie card. i don't know whether it is signed or not. that is his rookie card. how much? >> this is the 1948 jackie robinson. it is in a grade of 8 near mint to mint. we expect this card to exceed $400,000. stuart: last one on our list is mickey mantle's rookie card. again, how much? >> 1952 topps mickey mantle, psa 8, one of the iconic cards in the whole industry. we expect this to top one million dollars when the bidding ends at golden actions. stuart: you really do have a boom on your hands, ken golden. congratulations on that. auction started. how do i get into it real fast? >> sure. golden register to bid. the auction went live yesterday. closes april 3rd. you must get registered and credit approved in order to bid. stuart: first week in april. you have to come back, tell us how much you actually gotfor all
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those sports memorabilia items. ken, you're all right. good luck to you. >> thank you, stuart. stuart: big hour to come, jason chaffetz, senator john barrasso, grover norquist. we showed you this, wristbands that the cartels are giving out to migrants to walk across the border, issued by the cartels. hillary vaughn showed them to us. that is they were right there. we'll get back to her again next hour. first though, here comes the big divide between vaccinated and non-vaccinated people. that is the subject of "my take" which is next. .. is you
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>> danielle human to expect employment to return to pre-pandemic levels next year and talk about massive tax increases shows how hyper-partisan and oblivious they are to reality. >> the tax and spend policy, high-tech and high spending, this has never been the case. that is what this administration is putting forward. >> when the market begins to adjust to the possibility of higher corporate income taxes and other tax hikes the markets
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could soften up and it digests what the implications of higher taxes are likely to be. ♪♪ stuart: oh, yes. that was a favorite in 1963 or 64. i was a teenager and we were dancing up the storm to twist and shout. it is 11:0 one eastern time on wednesday march 20 fourth. a look at the markets. that is up for the dow jones industrial average, 328 points, better than one% gain. show me the chip equal makers, they are moving big time. lamb research, the chip equipment makers rallying after intel said it would spend
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$20 billion to build two new chipmaking factories in alabama bringing back chip manufacturing or expanding chip manufacturing in the united states. now this. here it comes. the separation of vaccinated from non-vaccinated people. the miami heat will set aside two crowd sections exclusively for people who show proof of vaccination. they still have 2 wear a mask and will and to the stadium through separate entrances but this is the start of the vaccination division. proof of vaccination may be required for entry to an office building, school or college or flight or cruise or any crowd, any group. some kind of vaccine passport is coming. you got it you are in. you don't have it you are out. problems with this, what happens to people who refuse vaccinations? could be anywhere from 10 to 30% of the population or more.
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whatever the number there will be a significant group of people who will go unvaccinated and therefore excluded, separated. another problem, privacy. any form of vaccination passport would likely be digital. it will be on your phone. you would be compelled to reveal part of your medical history and of course there is the question of access. not everyone has equal access to digital technology. this will have to be worked out in court. that takes time. as we wait for legal decisions we will be looking at another divide in our society. when the miami heat plays in front of a divided crowd it will be a taste of what is to come. third hour of "varney and company," we are about to begin. ♪♪
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stuart: vice president harris had what i am going to call a softball interview on cbs this morning covering hate crimes, gun control, the border crisis and if she liked her job. watch this. >> time for congress to act and stop with the false choices. this is not about getting rid of the second amendment. no reason to have assault weapons on the street, they are weapons of war designed to kill a lot of people quickly. >> you can take executive action. >> i don't think the president is excluding that. >> are you enjoying the job? yes or no? >> i am enjoying this job. i feel a great sense of responsibility to address the needs of the people. stuart: that was cbs interview this morning, gentlemen is jason chaffetz. that was not a hard-hitting interview.
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the ban on assault weapons. what do you make of that? >> do you like your job? the vice resident of the united states and that is the question you ask? i wish there was something we could do to fix and prevent what happened in colorado and other shootings but the measures that have been proposed will not solve those problems. there are more guns in this country than there are people in this country. there is a second amendment right and there is a killer, somebody who wanted to use a weapon and go out and kill people and it is amazing to me to see how conveniently democrats forget that in a place like chicago there are dozens of shootings every weekend. most are handguns and so i wish this tragedy had never ever
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happened. our hearts go out but we need to learn about how this person had access to this gun because colorado has the most stringent laws on the books. how did this person, reports are early but the allegation is he was on probation, there are red flag laws, all kinds of things, let's digest and understand that rather than going after americans who have a second amendment right to access guns and i think the democrats are being disingenuous to jump to conclusions. stuart: the bottom line is democrats want the seizure of guns, not just more restrictions, they want to take them off. that is my opinion. hold on for a second because i want to turn to ashley, look at gun stocks the stock of gun companies and how they are reaction.
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>> they are doing that. down 3% or more but we have seen gun demand surge going back to last year and it has remained strong as americans purchase more firearms for protection and also brought more firearms in anticipation of democrats gaining control of the white house, both chambers of congress, could result in harsher regulations. last month the fbi conducted 3.4 million background checks, up 23% year over year and the most ever in february and that followed the 4.3 million background checks in january, the most on record for a single month. smith & wesson over the last 52 weeks, 189%. >> someone says gun-control
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gun-control gun-control a lot of people, that is what we just see. let's get back to jason chaffetz. this man has a new book and it is titled they never let a crisis go to waste. the truth about disaster liberalism. interesting expression, disaster liberalism. >> rahm emanuel said never let a crisis go to waste and this is a scheme, a formula democrats put in place. i call it disaster liberalism because it is the same and predictable whether it is immigration or guns or covid or whatever it might be they go out and attack and take a crisis whether it is real or fabricated and have a formula for this that i lay out in the book and they craft it. the solution always ends up being more government, more control, more money and less liberty but how they do this
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and how they craft it, they take those crises and pushed through things they would never get done otherwise and many of these things and they have nothing to do with the crisis at hand. a lot of that is happening and playing out with covid but you see it with immigration, guns and all these other things, how they move the agenda forward. you got to understand the formula, that is why this book will be a great success. stuart: disaster liberalism. i will steal that right from under you and use it myself. good luck with the book. look at the market go especially the dow, nasdaq up 20, s&p 30, up 351. a true big hitter on wall street, there is the man, joe dunn, head of goldman sachs
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personal financial management team. this man count on wall street and was with us today. good to see you again. i like that accent, that does it. after one year of the pandemic, what lessons have we learned, what lessons should we have learned about personal investment. the market explains on fundamentals, but in the short term, the market as you remember a year ago, the sharpest decline in the shortest period in the history of the market, 35% decline in 6 weeks. 6 weeks later we completely recover and go from the fear of missing out a year ago, the market was in freefall to today
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the opposite, everyone is a panic so we went from panic of losing money a year ago to now, money flowing everywhere and stacks or the stock market. one of the things i would suggest, you never make decisions with your emotions, they never help you. it is important your portfolio is always allocated, withstand the inevitable decline that will happen over time. whatever you are feeling today will change tomorrow. that is not what will drive your investment decisions. that is what we take care of at goldman sachs. you might do some crazy things, might be expected to live on it for the rest of your life.
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stuart: with that zimbabwean accent of yours you could read the telephone book and still make people watch. thanks for coming on the show. it was good to see you again. thanks very much. one more time, take a look at that market, we are up one% on the dow. that is a rally and we will clean it as well. we will tell you what that is of course. the wristbands the cartels issued to the migrants so they can walk across the border. we have another report from smugglers paradise in texas coming up for you next. ♪♪ ♪♪ ♪♪
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you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down? or. do you find, somewhere deep inside of you, the resilience to get up. ♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪
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proven quality sleep, is life-changing sleep. only from sleep number. >> we are up 300 points in the dow industrials is what are you watching? >> these headlines, ford said the global tip shortage means more canceled shifts, shortening shift wednesday, canceling night shift thursday and all friday for production at the kansas city assembly plant. ford said they are idling the ohio and kentucky plants as well as lack of chip supplies. elon musk will accept bitcoin for cars. that starts today in the us and later this year internationally but the dow lifted by the travel stock, airlines, cruise
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lines rallying today, 80 million americans with at least one shot according to the white house and maybe we will get a summer travel season after all. on the flipside of that, tech stocks selling off, zoom, roku, janet yellen, jay powell, the hearing has started and 10 year yields up a little bit this morning and game stop, down 20% at the bottom, 20% lower, and over $15 million on his 100,000 game stop shares. >> i am seeing 29 bucks, see where they think game stock will go. how about this one? more than 97,000 migrants have been apprehended along the rio grande section of the border
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since october and that is a 150% increase from last year. let's go back to hillary von doing great reporting in texas, smugglers paradise is where she is. hillary, is anything being done to stop the movement of people across our border? >> they have a lot more to do with a lot less. i spoke with chris cabrera, vice president of the national border patrol council, they are strained, resources normally on the border securing areas where migrants would try to the crossing illegally being put inside to babysit these migrants that are pouring in, wave after wave, boatload by boatload but every migrant that comes to roma, texas, on a boat, has to pay the cartel, to get these wristbands, and these
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are littered everywhere, not the 3 they found. here and here, and and the path down to, that shows you how much the cartel is casting in on this. and the border patrol along with the national guard and resources are simply not enough to deal with the surge, how these people are treated when they are being smuggled, a lot of them are being forced to carry drugs over here. often puts a stipulation they carry over some type of drug
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across the river, and that is a very big problem. the price per head depending how far you are paying the cartel to travel south into the united states and where you are not going to get caught, it would range from $3,000 to 25,$000 a head to get smuggled here and this is called smuggling paradise because people are just looking into the united states, i saw boatloads of people getting off the boat and walking cavalierly, very casually onto us loyal, not afraid. because essentially this wristbands is kind of like their admission, getting admitted to a theme park with a wristband except the cartel is selling admission to the united
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states and rip the wristband off and get corralled to a parking lot where they get processed at an off-site center and detained for certain amount of time. stuart: absolutely incredible. thank you for showing it to us. great work. we will be back to you very soon. the next one look at this was an op-ed from the federalist title the biden border crisis is real and about to get worse. how come things are going to get worse? >> we are only in march and the border usually peaks for illegal crossings in april and may. we are seeing record numbers of unaccompanied minors in federal custody right now, 17,000. it is just march. we will see this increase day over day week over week and probably peak in late may when the numbers will be run like --
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unlike anything we have seen in a century or more and border patrol facilities that are already overcapacity are going to be completely overwhelmed and the federal agents are not going to have much choice except to release people immediately without issuing them notices to appear before an immigration judge which is happening in some parts of the rio grande valley. stuart: that would effectively be an open border. that is what it is by any other name. open border. the president of mexico is blaming president biden for this surge. what do you make of this? >> the surge is a direct result of policies and messaging from the biden administration before the election. as soon as biden took office everything the united states has done in the month since. the cartels that were associated with those smugglers are very sensitive to changes in us messaging and us policies. reuters has a report that
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smugglers are telling their clients, families and central america and mexico just to send children, to pay for the children because they will get in. that is what is happening. single adults are being sent back. all minors are being admitted and that is what smugglers are selling. they are selling in those wristbands have information on the crossers, families back home, how much they paid, they are paying $2,500 upfront, essentially in debt bondage to international criminal syndicates. stuart: that is absolutely extraordinary. i find this an amazing story and deeply saddening. who gives a hoot about those children? not the democrats and i believe that is a fact. i'm out of time because this is a great story.
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thanks for joining us. keep talking about the border crisis, the senator from wyoming will get a first-hand look at it. he heads to the border on friday and he will be on the show next. plus, trading in buckingham palace for silicon valley. they have the details. we have the details on a new princely gig. more varney after this. ♪♪ ♪♪ keep on rocking me baby ♪♪ baby baby ♪♪ we started with computers. we didn't stop at computers.
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we didn't stop at storage or cloud. we kept going. working with our customers to enable the kind of technology that can guide an astronaut back to safety. and help make a hospital come to you, instead of you going to it. so when it comes to your business, you know we'll stop at nothing.
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it's a thirteen-hour flight, that's not a weekend trip. so when it comes fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪
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stuart: let's check big tech. all over the place today. very mixed picture at the moment, some up some down, here's why there's confusion over big tech, the yield on the 10 year treasury. they dance in sympathy with each other. the yield is up a little bit today, one.63%. that is the relationship. big tech and the 10 year treasury yield. senator bernie sanders found common ground with donald trump. what brought senator sanders to donald trump's side? >> how has not frozen over.
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bernie sanders defending donald trump, defending free speech. they are not exactly lifelong friends but bernie sanders says when he was asked about trump starting his own social media platform sanders says if you're asking me to i feel particularly comfortable the then president of the united states could not express his views on twitter, i don't feel comfortable about that. sanders arguing it could lead to suppression of users across the political spectrum and not just isolated to trump. also interesting to note that sanders decided with many gop members who accused social media of left-leaning bias and political censorship after they banned trump in the wake of the capital riots. twitter says even if trump runs again he is still band off that platform. stuart: flat out censorship. the real quote from shakespeare is hell have no fury like a woman scorned.
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>> a new job. >> to be or not to be. chief impact officer, coaching mental health company based in silicon valley. no idea what the gig pays for the company says the duke of sussex won't be managing employees, in san francisco at some point and participate in meetings and appear at special company events. the ceo has considered the duke's military strength and, quote, he comes from a
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different background. you think? i wonder if harry had to fill on an application form, buckingham palace, experience, references. what would the queen of england do? he is joining the aspen institute and be part of their commission on misinformation disorder, or information disorder, the right amount of misinformation. he will start a job, good for him. stuart: now is the winter of our discontent. ashley: pretty good. senator john barrasso with ted cruz and other republicans will
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visit the border on friday and senator barrasso joins us now. is the white house going to limit what you are allowed to see? >> we will fight to see everything. we are going down tomorrow night to visit with border patrol and thank them for the job they are doing. the group of over a dozen will divide up into midnight patrols with the border patrol. we want to see firsthand what they are experiencing and visit the immigration facilities, see the wall where the construction has stopped and we invited the press to join us and the white house said no. it is not -- it is about allowing the american people to see this crisis this administration with its amnesty policies has created. the administration is trying to cover it up. they don't want to report to the american people the true level of this crisis. we are on pace to hit 2 million illegal immigrants coming into the united states this year and it is a crisis caused by joe biden and his policies.
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stuart: i hope you saw hillary von a few moments ago. she is at the border, she is in texas and we are putting on screen that is a handful of wristbands issued by the cartels to the migrants so that they can simply walk across the border and turn themselves in. wristbands from the cartel bought and paid for with money going to the cartel. we found that absolutely extraordinary and it is right there visible for everyone. maybe you will see something the same when you get to the border. >> we will be close to where hillary was reporting from this morning. this is what the biden administration has invited onto americans into our land with the policies of stopping deportation, stopping construction of the wall, stopping the successful remain in mexico policy. republicans have common sense
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solutions that could immediately reverse what is going on, the biden administration doesn't want to hear anything about if they have turned on the green light and the word is out all around the world if you can get to america you can stay because joe biden is in the white house. stuart: mister senator, that was an on-air promotion i guess. sorry about that. has i understand it, there are going to be automatic cuts to medicaid coming at the end of this month. is that accurate and are you doing something about that? >> on the floor of the senate bernie sanders on the medicare providers taking care of seeing years that there are cuts to them, and fixed it in their
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$1.9 trillion bill, they refused to do that and add more to the debt, they are paid for and it comes out of the money that is going to check to illegal immigrants and checks to felons who are currently behind bars. stuart: i apologize for both mistakes, mister senator. i will correct you very soon and that is a promise. and then there is this. hard to believe, a theater canceled its production of cinderella after realizing the cast was too white. we will have the story for you. travel picking up and a new hotel opening in chicago. they think now is the perfect time to welcome guests. we will tell you about that and why they are doing it next. ♪♪
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lately, it's been hard to think about the future. but thinking about the future, is human nature. ♪♪ at edward jones, our 19,000 financial advisors listen and work with you to create personalized investment strategies to help you get back to drafting dreams and building your future. edward jones. it is time for investing to feel individual.
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stuart: more than 1 million passengers passed through tsa checkpoints, that marks the thirteenth straight day of 1 million travelers. and there will board 30 people at once like they did before the pandemic. they brought their in-flight drink service. 58 bucks a share on southwest. hotel looking to make a comeback, warmer weather, loosening restrictions, more people getting the job, good time to open hotel, get back in business. grady trimble is at the sable, a brand-new hotel. why did they think this is a good time to open up? >> all of the reasons you just listed. they were supposed to open last
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november but they push that back to now and are getting rewarded for it because they are at 60% capacity which is good for any new hotel especially during a pandemic. we have the corner sweet and the ceo, we are on lake michigan, the skyline in the background. first hotel ever on navy. 100 years of being here and you are seeing an uptick in reservations. >> it is a positive sign the pandemic is starting to wane. the third day open we were 60% occupancy driven by last-minute vacationers. >> a lot of statistics show people will travel domestically this year and looking forward to the summer. people locally checking out a new hotel. >> we think that will be the case. it should be in the next month or two, people feel good about being out as vaccine distribution continues to improve in the summer months should be timeless but we expect the busy summer in
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chicago. >> we hope the rest of the restaurants, they have their own rooftop bar and restaurants, not so bad when they save the corner sweet. stuart: i will settle, grady trimble, i will settle. and they won't say why. what is the story, ashley. ashley: interesting, a global network of luxury travel advisors, dumping trump hotels from its list of hotel partners and we are no longer up to the 10 hotels that operate under the trump brand. the snobby travel company won't
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say, virtuoso, with network precipitation after respect with all involved parties. and we have contracts regarding exit decisions. trump hotels don't cut mustard anymore. is that based on performance or politics. i will let you decide. stuart: all those luxury places did well from trump's stock market. they did very well. president biden is planning a major corporate tax increase, if you think it won't affect you maybe you are wrong. grover norquist says your utility bill will go up, he is next. ♪♪
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(announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me. it works, 100%. (announcer) find out more at that's stuart: on your screens, president biden's proposed tax plan. one measure includes raising
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the corporate tax from 21% to 28%. grover norquist is with us. spell it out. that corporate tax increase will raise the cost of utility bills. what is the connection? >> biden and the democrats say they pay for it so you shouldn't worry but your utilities for water and electricity and natural gas, utility company is -- pay federal income taxes. when those corporate income taxes were reduced by the trump administration and the republican party by law the public utilities, cut costs, utility bills, not allowed to collect the money going to the federal government when taxes go down, you have to pass it to consumers so several millions of dollars flowed to the american people in lower taxes
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as the corporate income tax is down. the utility pay less than income taxes and dollar for dollar distributed that to its customers. taxes at the corporate level go up, all those taxes go directly into higher cost. raising the corporate income tax raises the utility cost that you pay every month, that will go indefinitely into the future and nothing says you have to make 400,$000 a year. you get hit because you pay utilities. stuart: the cost of energy will go out. that won't help either. you are saying the biden tax increases will damage your life savings. stocks or bonds or cash or whatever, how would those investments, my life savings, be damaged by this tax increase.
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when you reduce the cash flow to american corporations raising taxes and 53% of american households own shares of stock inside 401(k)s and iras. your individual retirement will be worthless and 25% or 30%, your 401(k) is worth a lot less than 21% rate. when you talk about, he is going at half of americans life savings. he is going to everybody who pays utilities. stuart: can you deal with this? the president originally said you won't pay anymore tax unless you make 400,$000 a year. along came jen psaki who said 400,$000 a year for families. what is the difference between
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the two? >> 200,$000, people who are going to be taxed, it doesn't matter. he has broken the 400,000, he has broken the 200,000, people who make less then that, in the last spending bill the operating loss hits many people who are less than 200,000 individuals or less than 400,000 as a family. his energy tax will hit everybody. his corporate income tax 70% of which is paid for in lower wages and we saw the opposite of that, median income went up $4,400, 6% increase. that will be reversed engineered down. stuart: grover norquist, come
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back because we want your analysis of the full impact of the tax increase proposals. back to that market, solid rally for the dow industrials up 300 points. show me disney. they are testing facial recognition technology at the entrance to the magic kingdom in florida. they hope it can create a better touchless experience. participation is optional. want to tell you about the minnesota theater that canceled its production of cinderella because the cast is too white. tell me more if you must. >> reporter: we are talking a dinner theater group took a look at the cast and realized they were 98% white so the dinner theater saying we did not cancel cinderella because of content. we are looking forward to bringing it to the stage in the future but we as a company decided our original casting didn't go far enough in our
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commitment instead of waiting another full year to implement these important changes, we are choosing to do so now. you have to remember minnesota still recovering from the george floyd tragedy of last summer so they might be exercising extra caution and extra sensitivity but other theaters across the country doing the same, looking closely at diversity on and off the stage. why should cinderella look different because america looks different these days, there's nothing wrong with that. stuart: if we are moving to a point where there is a quota system for different races and their appearance on television or in theaters or movies, if we are moving to a quota system that bothers me, doesn't it you? >> shouldn't the best talented get the spot? are you telling me -- are you telling me -- the cast and crew -- are the best when they are 98% white? stuart: i'm not saying that is i'm just saying watch out for
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quotas because quotas are awful and wildly un-american in my opinion. you want to see quotas? every time you have a movie or play on broadway you got to see x percentage of black folks, x percentage of asians, x percentage of women, whatever, is that when we got to do? don't want to see it. we will agree to disagree. more varney after this. a picture of me from 40 years ago. stay tuned. ♪♪
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i'm a verizon engineer, part of the team that built 5g right. the only one from america's most reliable network. we designed our 5g to make the things you do every day, better. with 5g nationwide, millions of people can now work, listen, and stream in verizon 5g quality. and in parts of many cities where people can use massive capacity, . . i am robert strickler. i've been involved in communications in the media for 45 years. i've been taking prevagen on a regular basis for at least eight years. for me, the greatest benefit over the years has been that prevagen seems to help me recall things and also think more clearly.
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and i enthusiastically recommend prevagen. it has helped me an awful lot. prevagen. healthier brain. better life.
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[announcer] durán catches leonard with a big left. ♪♪ you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down? or. do you find, somewhere deep inside of you, the resilience to get up. ♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪
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♪♪ ♪. stuart: ah, question, remember we played that i think about it was 20 minutes, half an hour ago. discuss as, just as we're playing that song, yeah, i was dancing to that twist and shout back in the '60s. just as i said that, somebody sent in a picture of me in the 80s. look at that. august, 1981. that is 40 years ago. that's me. ash, susan, remember, one day you will be looking back 40 years ago. go ahead, susan, what have you got? susan: you had fantastic hair. was that hairspray? stuart: back in those daves you didn't need hairspray.
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what do you say, ash? ashley: it is a great look. i love it. my hair will out live me and everybody else. that is impressive, stuart varney any. so young, fresh-faced. you look great today. let me just add. stuart: young and fresh-faced compared to now. thanks, ash that was just great. thank you very much indeed. pass it over to neil. sir, it is yours. neil: could they suck up anymore? i mean, i was just happy to hear that you were dancing to the beatles. i looking, i thought maybe gregorian chants when you were a young guy. so i was a little surprised. very good to hear, stuart. stuart: you have a show to do, neil, do it. neil: yes indeed. thank you very much, my friend. we're following a couple of developments. dow racing ahead. we're following something intriguing me. look at bitcoin, s


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