Varney & Company : FBC : June 26, 2024 9:00am-10:00am EDT : Free Borrow & Streaming : Internet Archive (2024)

bell. we've got a market that has gone decidedly negative, dow down 121, the nasdaq down 35, kenny, you heard what steven said a minute ago a, if trump does well in the debate tomorrow night, expect a rally in stocks on friday. you agree? >> i do agree, i think that's right. i'm not surprised about today's weakness. i actually think we're going to churn a little bit. but to the point if he does well tomorrow night, i think the markets are rally -- maria: what do you think? to you agree? >> yeah, i do. i would also ad to that, focus less on the market and instead picking great stocks. >> yes. maria: great point. final thought. >> i think tomorrow night for both presidents it's about a small group of americans. they're not catering to their wings right now, they're exciterring to independents who are not -- catering to independents who are not liking inflation. maria: great panel. thanks everybody. "varney & company" picks it up now. stu, take it away. stuart: good morning, everyone. the foul-mouthed anti-semite

jamaal bowman has lost his bid for a third term as new york congressman. moderate democrat george latimer won 58-41. bowman immediately took aim atsg group, saying their dark money had a brainwashed voters. the democrat party is split, it's jews versus people of color, israel versus hamas. bowman vows to fight for humanity for the rest of his life. to the markets. all eyes on micron technologies. it's an a.i. leader. it reports after the bell today. the a.i. rally is at stake. micron has been walked up in advance of the numbers. it's at $143 a share right now. the dowvilles will open -- dow industrials will open to the downside, off 1000 points, s&p down about 113 -- dow down 1000 points. red -- 100 points. 10-year treasury up to $4.28,

that's a partly upsetting the market. the 2-year is just below 4.75, it's at 4.73. the price of oil, $81 right on the button. gas prices, gallon of regular moving up 3 cents, $349 is your average a -- 3.49. all right, politics. dhs chief mayorkas goes to the border today. he will announce a 40% drop in border crossings since the president's executive order went into effect. the president will, no doubt, use that in the cnn presidential debate tomorrow. but there are some truly shocking numbers from the border. this fiscal year so far, 13,000 criminal migrants have entered the u.s. it was only 4200 in all of 2019. trump will, no doubt, use that in the debate. the trump campaign continues its outreach to minorities. they will host a black business leadership at the barbershop round table in atlanta. the president still doing debate prep at camp david, but his

campaign -- not him -- will be giving a press briefing. on the show today, trump's pick for vice president, no, we do not know who it's going to be. nbc speculates there will be a decision today or tomorrow. that would throw a curve in the in the president -- at the president. is it rubio, j.d. vance, glenn youngkin, doug burgum? we don't know. but if trump wins, his veep going to be set up to be a future president. wednesday, june 26th, 2024. "varney & company" is about to begin. ♪ if. ♪ muck or. ♪ ♪ ♪ stuart: where are you now? yeah, good question. does that refer to the president? well, he's at a camp david. does it refer to jamaal bowman of the squad who just lost?

where is he now? if that's where we're to going to start. the new york democrat primary. squad member jamaal bowman defeated by george latimer. good morning, lauren. lauren: good morning. stuart: blow to the progressives? lauren: i'd say so. "the new york post" says it best, firing squad. [laughter] anti-israel bowman gets kicked out of congress. some 88 of the vote has been counted -- 88%. bowman lost to george latimer by a wide margin, 58.4% for latimer, 41.6 for bowman. this race highlights the deep divide on the left over the war in gaza. latimer is a moderate democrat. he got a major cash infusion from aipac, helping make this most expensive primary in american history and in a nearby new york district the founding squad america aoc, easily won her primary against the investment banker marley tolan. marty dolan. stuart: i think bowman's defeat

opens up the rift in the democrat party -- lauren: cori bush is next. stuart: could be some money taken out there. there is another big story this week. there's speculation that trump could announce his vp pick this week. listen to what senator j.d. vance has to say about it. watch this. >> my best guess is they're looking at me and a lot of're people, and they'll ask questio. >> the first test would be at the rnc, that's coming up real fast. the next step would be debating the vice president, kamala harris. how would you debate her? [laughter] >> yes. think i'd do okay there. you know, i guess i just think people with politics, they don't give the american people enough credit. stuart: trump's choice of vice president is very, very important. if trump wins, his veep is going to be the next president of the united states after that.

lauren: that's the 2028 candidate, most likely. stuart: yeah. lawyer lauren so who does he smick there are reports the top three are j. j.d. vance, friends with don jr., introduced trump to silicon valley, brought in all that money, marine, right? doug burgum or marco rubio. stuart: i'm not going to pick right now -- lauren: well, here's the issue, you've got to appeal to the swing voter, the voter that can be swayed either way, that wants something a little bit different. so this is a watershed moment, and the "wall street journal" editorial board is saying the three people that they like, that they think could bring in more people and help trump win would be nikki haley, glenn youngkin -- the governor of virginia who trump will campaign with or be shown with the day after tomorrow's debate, on friday -- and of the three that i just named earlier, doug burgum. stuart: it's got to be someone who looks presidential, looks like someone who can take over

at a moment's notice, looks like somebody who can carry the flag for trump into the next administration. that's the person who he's got to pick, and i'm sure that's the criteria that he's looking for. lauren: and someone who jibes with him too, where they can relate on a personal level, who looks great on the sunday tv shows. i think all those names do that effectively. stuart: i'm not going to say what i think, because i'll be proven wrong. lauren: do you want to work with someone who you can hand over the reins to in 2028 or someone who might just stay as a one-term president? do you want them to be campaigning for president while you're there -- stuart: i think voters will want someone who will carry the flag for trump -- lauren: agreed. lauren: stuart: all right, lauren, we're going to move on. cnn's van jones has some advice for president biden ahead of tomorrow. what is he saying? lauren: trump is public enemy number one, and bind needs to make americans -- biden needs to make americans are remember that.

watch here. >> we're living in the united states of amnesia. people really just don't remember how awful and terrible the trump days were. mine, there was a reason that he got -- i mean, there was a reason that he got voted out. now there's this weird kind of nostalgia for the trump days. you've got to, on the one hand, punch hard on trump. remind people that he is a chaos agent. but you've got to get more specific. we just heard, the price of eggs, can you talk normal american -- [laughter] and resonate and connect. lauren: he admitted biden doesn't connect. he just said that. he said what matters to the american people are eggs, not fancy words and and big spending bills like the inflation reduction act. stuart: that's van jones. all right, got it. now, judge merchan has partially lifted the gag order imposed on donald trump. weeks after his criminal trial wrapped up. what does that mean for trump? lauren: it means he can talk freely about the witnesses who testified against him and the jurors. he still cannot talk about the prosecution or the court staff,

at least not until the full gag order lifts after july 11th's sentencing. the timing. the timing of this. i mean, in my opinion, judge merchan is unleashing donald trump for tomorrow night. stuart: oh, deliberately perhaps. lauren: speculation, but perhaps. [laughter] yeah. let's partially lift that gag order so biden's been studying how to get under his skin so he can just make him go, and the american people don't want to hear about this anymore. they want to hear about a policy. stuart: let's talk money and bring politics into it. we have ken fisher with us this morning. he's watching the market for us but also watching some politics. ken, you're a financial guy. what issues are important to you tomorrow? >> so, first off, to me personally, i don't think this debate really matters because i'm part of the world that studied both these guys for so long and already has my views already set, done, not going to

change. for voters it just comes down, in my opinion, to pretty much crime and inflation on the trump side to make the pitch in swing states of which one is the most important one. and in parallel on the biden side, they ought to be pitching in that same area and for those same people, the abortion rights issue. and particularly in pennsylvania, they need to make it real career that they -- clear that they believe it's an open, honest election. stuart: why do you think -- >> the fact is there are 10 counties that are going to swing this election in the united states of america, and if you don't get those 10 counties at least on the biden side, you're in trouble. stuart: why do you think that pennsylvania is the most important swing state? >> if you look at the six states that can go either way, i mean, president biden already has -- it's all about the electoral college. president biden has 226

electoral college votes locked up, president trump already has 235. it's the six states that can go either way readily. and as you look at them and rank 'em from left to right idealogically, wisconsin's most on the left, nevada and arizona are most on the right. but pennsylvania's the one that biden cannot win and get to 270 unless he gets it. if he gets it, i mean, he might have a big sweep. but if trump wins georgia and pennsylvania, it's over. he's got 270. it's real simple. and there's 12 combinations of those 6 states that trump can win by, all 3 state combinations. president biden only has 9, and 3 of those are 4-state combos that won't work because they require him winning conservative, more conservative wins -- ones but not the more leftist ones. so it's really a tougher road. the reality of pennsylvania is two the sections of the state dominate it in terms of swing,

the five counties around pennsylvania, and that's the part that president biden needs to focus on. and the northeast five counties that represent the area around the 8th congressional district of pennsylvania, and that's where president trump crime and inflation want to focus. it's just a matter of who does better -- stuart: that's why both candidates keep going to pennsylvania. ken fisher, wish we had more time, but we'll see you again soon. thank you, ken. >> thanks for having me. stuart: karine jean-pierre insists inflation will not hurt biden at the cnn presidential debate. roll tape. >> so, yes, you know, eggs and milk and there were grocery things that were up. it has gone down. the president has met the moment with every issue that we have had in front of us. stuart: marc thiessen, he has a lot to say about that. he's with the washington post, and he's going to be on the show. homeland security secretary

mayorkas heading to the border today. how's he going to explain the spike in criminal migrant border crossings? we'll be back. ♪ everybody wants super straight, super white teeth. they want that hollywood white smile. new sensodyne clinical white provides 2 shades whiter teeth and 24/7 sensitivity protection. i think it's a great product. it's going to help a lot of patients. [thunder rumbles] ♪ ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently.

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♪ stuart: can dhs secretary alejandro mayorkas will hold a press conference near the southern boarder in tucson, arizona, later on today. matt finn's there for us. matt, what can we expect? >> reporter: well, we expect mayorkas will, at minimum, tout the recent plummet in illegal migrant encounters here along the southern border. mayorkas is holding a rare press conference, and we know that safety and security of our southern border remains a major concern. there is that new report from

nbc that reveals dhs has identified more than 400 migrants from central a asia who were brought into the u.s. through an isis-related network. over a 1500 have been -- 150 have been reportedly arrested, at least 50 remain at a large. this comes after a string of similar busts including eight men arrested in the u.s. for suspected eye access ties. earlier this year, secretary mayorkas testified the border is as secure as it can be. however, since then we've seen arrests of suspected eye to sis-linked migrants who crossed our border and the inspector general of the department of homeland security released a report including america's current system is weak and a threat to national security. >> we don't know who they are, where they came from, and we don't know their intentions. >> reporter: we expect security to be addressed at this morning's press conference, but secretary mayorkas who who's

also expected to the talk about the momentum in illegal migrant encounters even though the number of gotaways sits at about 470 per day. one agent on the ground here tells us it's still too early to determine what exactly has caused the recent drop in illegal migrant encounters. >> for us, it's just too soon to attribute the decrease to the executive order alone when before that the numbers had already been decreasing. so i just can't make that determination, it's just too soon. >> reporter: that border patrol agent talking about whether president biden's executive order can be attributed to the drop in numbers we have seen here at the border, too early to tell9 right now. also a secretary mayorkas is visiting tucson, a arizona, today. that is close to the border, but it is not the front lines of the border. from our own reporting, the last time secretary mayorkas was actually at the border was back in february. back to you. stuart: matt, thanks very much, indeed. national border patrol council vice president art del cueto joins me now.

art, the white house claims that the border flow has been cut 40% since biden's executive orders went into effect. are you seeing a 40% cut? >> i wouldn't quite with say it's a 40 cut because the problem is there's still not enough agents out in the field that can see the gotaways. that's something we've talked about for many, many years now under this administration, and that seems to be the biggest problem. they can cut the number of individuals that are being apprehended or they're saying are encountered, but they can't factor in the gotaways. another thing, tucson's a very complicated area because of its remoteness from where the agents are working from the stations to the field. so there's certain areas even in tucson where individuals cross into the u.s., and they kind of mingle right along the border. but on the u.s. side. those are not considered apprehensions until an actual agent goes down there and detains them, but management's aware that those groups are there. so the numbers, you know, you can play with the numbers, and

that's part of the problem. but, absolutely, you know, the gotaways are still up there when it comes to tucson sector, and that should be a problem nationwide. and at the same time, you've got to realize there's some major -- there's a major drug war going on south of the border. you know, the drug cartels, they're also the ones that control the traffic. they're preoccupied, too busy can killing themselves at this point and fighting this war to sometimes bring these individuals across the border. stuart: okay. what about if migrants use the app? i mean, you can -- you're south of the border, you fill out the app, you go to an airport and you fly directly into the united states. you don't actually walk across the border. are the number of those app people, are they being counted in this declining -- >> so that's a different count. varney, that's a fantastic question because that's a separate count as well, and that's part of the issues that they're having. you know, hey, they're playing with the numbers. some count, some don't count, but it certainly is a mess. and and what we need to remember

is none of this mess was here during the last administration. stuart: all -- >> it became a mess day one of this administration. stuart: i want to know what mayorkas is going to say about this spike in the number of criminal migrants entering the country. 13,000 plus in fiscal year 2024 so far. there was only 43200 -- 4200 in 2019. this is all on biden what's mayorkas going to say about this? >> you know what? unfortunately, i think he's not even going to cover. that he's going to turn around and say, hey, there's a drop in what has been coming across. he's going to focus on that. a he's going to just focus on the positivess and i don't think anyone's going to ask him the tough questions how about the gotaways, how about the violence south of the border? how about the drug cartels? how about the individuals that have been killed in the united states by illegal immigrants? he's not going to mention any of that, varney. stuart: no, he's not. he doesn't want any negatives in advance of tomorrow night's faceoff.

art a del cueto, see you again soon. we have the governor of massachusetts sending a team to the to border to deliver a message to migrants. what is that message? lauren: the message is don't come. our shelters are full. you've got to pick another location. so many of the migrants select massachusetts, why they select new york, right? right to shelter policy. those shelters are at capacity,. a 7500. so massachusetts sent eviction notices to families warning them, look, you've got to leave. nearly half have been in the shelters for at least nine months, and they continue to come. now the democrat governor is sending a coalition to the border to say tell them, please, don't come. we can't deal with it. stuart: she really should go to the president and say don't send them. lauren: and that's what republicans are telling her to do. you've got this relationship with him, go. stuart: look at futures, please. we're coming up to the opening bell. dow's off 100, nasdaq's down 60. the opening bell is next.

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stuart: plenty of red ink, left-hand side to have screen. the nasdaq's coming back a bit, now down just 42 points. greg smith with us this morning to look at the market. greg, welcome back. good to see you again. >> good morning. stuart: in the first hundred days of this year, the stock market performed very well, indeed. finish historically, does that mean the rally continues? >> good morning, stuart. i think for investors in an election year they're always very nervous, but i think the first hundred days of the performance of the s&p this year actually bodes well for the market for the rest are of the year, and here's why. we'll talk a little history and statistics for a minute. going back in time, in an election year anytime you see the market up in the first hundred days, 93 percent of the time the index finishes in the green for the year. there's been three other times in history, three other election years in history, 19 1996 where the market was up greater a than 10%. so far this year we were up a little over 10% in the first hundred days.

i think it bodes well for the rest of the year. stuart: music to our historical ears. well done, greg. is a.i. a bubble? does it show any tendencies? >> well, it's a good de, stuart. the back of the thumb that i always used to have for the market was anytime if i would see a company put their name on a stadium whether it was enron, cmgi -- [laughter] go back in time or i had my taxi driver asking if he should he should buy more qualcomm, i would always say, you know, we could be in bubble territory. but i think many wall street professionals would say we're not quite. this phenomenon doesn't quite deserve the bubble title yet -- stuart: it's not dot.com land, is it? >> well, i think that's a great comparison. it's hard to find the right analog, but if you look back to 1995-2000, to the dot.com bubble, you know, the market went with up for 5 years and in the last 2 years we had incredible increases in the nasdaq. and that was in the face also of fed tightening.

but i think the market today is more akin to 1995, companies are more intet -- tethered to fundamentals. and i think, you know, we're not quite in bubble territory. despite the fact we have mick jagger-style groupies asking the nvidia ceo to sign their chest. i'm sure you get that on sixth avenue every day -- stuart: endless. it's endless, greg. give me 30 sends on why you like draftkings. lots of people talk about it. >> let's just start with the business of sports whether it's f1, whether it's caitlin clark in the wnba or the increasing rights of professional major legal teams as well as the associated broadcast rights. the business and breadth of sports growing, and it's becoming increasingly more and more popular. it's bringing more women into it, again, because of the wnba, and i think draftkings is becoming the leading player. stuart: about $37 a share, where's it going? >> i think we see this traded back at $50. they just completed an acquisition of a great company called jack pocket which was the

leading ilottery company, allowed people to play the lot i reason -- lottery on their phone, and investors got cashed out last week, and i think a lot of that stock is for sale now and will get cleaned up. stuart: all right. thanks, greg, thanks for joining us. >> thank you. stuart: the market has now opened. there's quite a lot of selling on the dow 30. only 4 winners or -- 5 winners on the big board. the rest of the dow 30 are in the red. and the dow itself has opened with a loss of roughly 100 points. the s&p off about .21%, a minor loss. the nasdaq composite also on the downside, .11, that's not much of a loss for thes nasdaq which has been powering ahead recently. let's have act -- have a looked at big tech. apple is up, amazon is up, 186. microsoft down a couple of bucks. alphabet is down $1. meta, back by $4 but still at

$505. let's go to nvidia. it had a very good day yesterday. it was up sharply. this morning it's been all over the place and is now up with just a very small gain. lauren: let's start with the news. citigroup reiterating their buy on the stock but increasing their price target from the 126 where it is now to $150. they say we're in the third or fourth inning of a.i. adoption, so we've got a long way to go. so maybe the nvidia tree does grow to the sky for a little bit longer. we had a nice 7% rally yesterday after that 3-day, 13% slide. you also have micron reporting today. nvidia and micron work together. micron develops the memory and the bandwidth for nvidia chips, and maybe if we get a good report from micron, you'll see nvidia be up more than three-quarters of 11%. stuart: but if micron really disappoints -- lauren rawsh down. stuart: okay. we got that one. let's have a look at fedex because they are up sharply

morning, at least they were a few minutes ago. lauren: whoa. stuart: 11%, that's sharp. >> cost cutting works. they lifted their -- for the year on the back of $222.2 billion -- 2.2 billion in permanent cost cutting. they're going to modernize their fleets and invest in automation. more cost cutting. that a saves you money in the end, right? less head count. and there's also a hope that all the disruptions in the red sea will eventually mean that they can raise prices. stuart: okay. they're up 11%. that's a sharp gain, indeed. broadcom is up. but i note they had a 5 of day slide moving into this. lauren: yep. stuart: they must have lost a cot -- lot of capital value. lauren: $115 billion or basically a boeing in 5 trading days. i mean, that's unbelievable. what does broadcom do? they're a custom artificial chip specialist. hay to business with meta, google. and there's that report from reuters that they're working

with tiktok to develop an advanced a.i. processer for tiktok's algorithm. i mean, that would be tremendous business. so i wouldn't count them out because they are the eighth largest stock in the s&p 500. stuart: i'm always amazed at the amount of money, capital flows in and out of american technology. stunning. lauren: that's where all the a money is. stuart: chipotle, heavy got a 50 for 1 stock industries split. what that's ooh mean? lauren: it means to buy one share of the company at $64, that costs as much as five burrito, it's actually the first stock split since chipotle debuted on the stock exchange 20 something years ago. shares are more affordable, clearly, at $64. you would think in the near term that would drive up demand for them. it's not happening today. the next catalyst for chipotle is their earnings report, end of july. stuart: all right, thank you, lauren. why is southwest airlines down so much? put it on the screen because it's down a lot. it is down nearly 4%.

lauren: so they're warning that industry term for their price power is going to fall. it's called revenue per available seat mile. it's going to be down 4-4.5% this quarter. stuart: that's a key metric. lauren: airfares are coming down as we see in the inflation data. airports are full. but if facers are coming down, their entire fleet is boeing, so they've got some problems. stuart: you tend to think of the ev market as kind of shot, certainly depressed. along comes volkswagen and puts an awful lot of money into rivian, and rivian's stock is up nearly 30% -- lauren: i didn't know you were german, volkswagen. [laughter] nice. this is a lifeline for rivian. they're getting $1 billion outright, $4 billion in the next couple of year, so a well-needed $5 billion cash infusion. it's a lifeline for the company because they're losing some $40,000 on every single electric truck they deliver. how do you operate as a business? you can't be cash flow positive until you get an established

automaker like volkswagen coming in and giving you billions of dollars. go ahead. stuart: doesn't rivian also have some unique technology which volkswagen is now buying? lauren: 100%. that's why it's a joint venture. but, yes, it's a joint venture, they can use the software. stuart: next case is ferrari. they're planning a subscription service, but this is for batteries. how does that -- lauren: think about it as, like, an extended warranty. you spend $75000 per year to be able -- 7500 per year to replace your battery according to a report. you can replace the battery at the 8-year mark. that does not sound like a good investment to me, but it is ferrari's ray of -- way of making rich customers feel less anxious about the ability for their, you know, range anxiety, i guess? stuart: i guess so. lauren: if you have the money -- stuart: with evs it's all about the battery so frequently. lauren: right.

so i would say let them replace it every year for $7500. stuart: check that big board. we've come down just a little, we're down 93. the dow's at 3,000. down winners -- 39,000. topping the list we have apple, 211 this morning. home depot, amazon, merck and walmart on the list. the s&p 500, the winners there are fed ebbs, nice gain. nearly 13%. albemarle and apple is on that list too. the nasdaq composite headed by apple, 212. tesla, up another couple of bucks at $189. broadcom now up 1 is %. dex congress and old anyone onon the list. next, coming up, country star randy travis, he's headed to capitol hill today. he's pushing for a new rule that would change the way musicians get paid. we're on it. msnbc host joy reid claims only the rich support trump. roll it. >> billionaires can gobble up

even more tax cuts. that is the reason every other billionaire is kissing trump's ring. and a lot of non-billionaire rich people too including the rappers. it's all about the benjamins, baby. stuart: we have the full clip coming up, don't miss it. a group of 16 nobel prize winning economists think a second trump term could set up an inflation bomb. there's a warning for you, and we're going to look into it. ♪ cherry bomb ♪ so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa?

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stuart: all right, 11 minutes in, plenty of red ink. dow's off 120, nasdaq down nearly 30 points. the yield on treasuries going up a little. that's what's hurting the market this morning. a top fed official is warning that president biden's open border policy is likely pushing

inflation higher. finish edward lawrence at the white house. how is immigration pressuring inflation? >> reporter: yeah. and, stu, first off, this is the first time i've heard a federal reserve official talk about current policies at the u.s. border. michelle bowman in a speech yesterday and then again this morning is making the case that the open u.s. immigration policy has added millions of new migrants coming into this country. she adds the legal and illegal immigration pushed inflation that we're already seeing. listen to this. >> so given the currently low inventory of affordable housing in the united states, the inflow of new immigrants to some geographic areas could result in upward, pressure on rents as additional housing supply may take time to materialize. >> reporter: so that's fed speak for the immigrants in cities like new york taking up the supply of apartments -- apartments and homes for rent, pushing up the price. she also says the migrants could lead to persistent high core

services inflation with their spending. the white house argues the new executive actions taken by the president will cut the flow of illegal crossings to 2400 a day, they say it's happening now, the lowest level since job 2021, but the administration does not mention the dangerous heat occurring, also the action that texas has taken which significantly reduced the flow of illegal migration. instead, we hear this: -- >> it is not acceptable, it is not good government for one governor to take unilateral action and deliberately not communicate, coordinate with the federal government on what is a federal government responsibility. >> reporter: or we can't say that one of the two men that killed that 12-year-old from houston did cross the border illegally after president biden instituted those executive actions, ask and now, stu, we have that direct link we're seeing between inflation and migration that's happening here across our southern border. back to you.

stuart: thank you, edward. 16 nobel prize-winning economists are predicting that a trump victory would set off what they call an inflation bomb. they say it would cause lasting harm to the global economy. let's get into that. ej antoni joins us this morning. all right, ej, trump wants to raise tariffs, get revenue that way and eradicate some income taxes. would that be inflation their? -- inflationary? >> stu, not at all. and, frankly, i don't know why anyone is still listening to the clowns who with write these absolutely ridiculous pieces. i mean, stu, these are the same people who first over the last three years told us there's no inflation, then they said, well, inflation's just transitory and then, well, it's caused by supply chains. now they write garbage a like, well, it's the consumer's fault for spending too much. i'm so sorry that the consumer has to spend more since prices have gone up. again, stuart, i don't know why anyone is still listening to

these people. the times when this country had the best growth and the middle class had the best success is when the federal government relied on tariffs is and not income tax. stuart: that's true. but if you put tariffs on imports, all imports from china, for example, that would put up the price, wouldn't it? and that is inflation by definition. >> well, stu, we also have to remember though if you're going to swap out that tax revenue that you're going to get from tariffs, in other words, you're going to use that increase in tax revenue from tariffs to decrease income taxes, then essentially it's a wash because you are, on the one hand, raising prices. that's true. but on the other hand, people are getting to keep more of the money they earn. and so at the end of the day, it's not actually a drain on the consumer. in other words, it's not really going to demonstrably increase their cost of living. stuart: but only half of the people in the united states pay federal income tax. so a tax cut, an income tax cut for that half of the population

wouldn't make any difference whatsoever because they're not paying the tax that they would be paying the higher prices from tariffs. see what i mean? >> no, stuart, that's very true. but part of the problem with our current federal income tax code is that it grossly distorts economic behavior. it disincentivizes work. it disincentivizes thrift. and it encourages people to actually earn less and not earn more. it encourages people to be on the government dole instead of being self-sufficient. and anything that moves us away from the current monstrosity that is this tax code, i think, is a very good thing. stuart: you've got a new piece out, you're saying that the middle class is -- the middle class is collateral damage in bind's war on wealth. make your -- biden's war on wealth. make your case. >> what this president not only has done, but is now proposing to do, it's going to crush the middle class especially when it comes to saving, investing and trying to retire. look at what he's trying to do, for example, with retirement

accounts. he wants to actually cap how much you can save. and he wants to particularly target the wealthy. now, that sounds like it's not going to do anything to the middle class, but when you a make it impossible for the wealthy to invest in stocks, when you make it impossible for the wealthy to use those traditional retirement vehicles, what you also do is decrease demand for things like equities. that puts downward pressure if on the price, and so the traditional retirement vehicles which the middle class disproportionately use are aren't going to perform as well. instead the wealthy are going to put -- they're going to take their earnings and invest in the things like housing which will also appreciate in price. in other words, they're going to take more housing off the market, something you were just talking about with immigration. you're going to take this housing off the market. it's not available for the middle class to own, and instead they're going to be stuck renting. so once again what looks like it's targeting the wealthy is actually going to disproportionately affect the middle class and take away

traditional vehicles that they would have to save and invest. stuart: e.j. an tone any, thanks for being with us. i know you'll be back soon. >> thank you, stu. stuart: coming up, jamaal bowman is the first squad member to lose in a a primary. he blames dark money from aipac, a jewish lobbying group. this is dividing the democrats. that is my take at the top of the hour. hundreds of new york city uber drivers protesting today. uber is locking them out of the app to try and cut costs. madison alworth speaking to these frustrated drivers, and she's got the story right after this. ♪ oh, i swear to you, i'll be there for you. ♪ this is not a drive-by ♪ (♪) is bad debt holding you back? ♪ the only limit is the sky ♪

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stuart: hundreds of uber drivers protesting today in new york city. they say uber is locking them out of the app to try and cut costs. madison alworth at the protest for us. what is uber's response to what the drivers are calling a lockout? >> reporter: stuart, they're saying that it is lyft's fault. so uber is trying to cut down on the pay for idle time. that's the time between rides. that pay rate is based on an industry average. lyft has more idle time than uber. that's why they're pointing the finger at their competitor. take a look at this statement,

uber saying in part, quote: the city's rule bizarrely holds uber responsible for lyft's failures. with lyft struggling to keep drivers busy, we don't is have other options. meanwhile, lyft is calling out the taxi-limousine commission who controls this rule and this a pay rate saying in part, quote: the current nyc pay formula is broken because the way it measures utilization works against drivers, not for them. caught in the middle of all of this are the drivers. drivers can be actively on the app taking rides when they are suddenly locked out. drivers here tell me that they have lost anywhere from 40-55% of their pay since this started. the sudden lockouts have taken them by surprise. >> i need to pay my bills and be able to support my family. now that i'm not able to work, it's a problem. so in a lot of families, parents and single mothers are facing that. with this lockout. >> reporter: so the drivers

here, they're tired of the finger-pointing, nay -- they just want solutions. they're protesting in front of uber headquarters, but we learned this just before going to air, stuart, lyft has said they are not locking out drivers. but we've spoken to drivers here on the ground that showed us screen shots that they have been locked out of air their app as a well. we, of course, have reached out to lyft. we're still waiting for comment there. these folks are protesting because they want to work and they're not able to. stuart? stuart: madison, thank you very much, indeed. quick check of the markets, please. a further move south for the dow, it's now off 150 points, but the nasdaq has come back, it's up 22. check the 10-year treasury, still around -- it's going up a bit. you're at 4.30 now on the 10-year. the price of gold, $2,308, down $22. bitcoin, barely holding on to, well, $61,7 at the moment. the price of oil, $80.89 a barrel.

nat if gas, welsh $2.68. -- well, $2.68. the average price of a gallon of regular up 3 cents overnight. in california, by the way, it's $4.811. still i ahead, liz peek on what she thinks trump needs to do to win the debate. ing and new york city council member joe borelli on jamaal bowman becoming the first squad member to lose his primary. martha maccallum on the surge of criminal migrants coming across the border, and congressman chip roy on whether women should have to sign up for the draft. the 10:00 hour is next. ♪ ♪

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